MSE News: Car finance mis-selling investigation expected to find wrongdoing, regulator says

Nasqueron

dunstonh said:

RhodSinger said:

Had this reply from BMW finance: "We are therefore not treating this as a Data Subject Access Request (DSAR) under the GDPR. For clarity, the commission arrangement would not be disclosable within a DSAR as it is not Personal Data". What are they talking about?

I'm guessing you used the flawed MSE template?  Did you actually read it before you sent it? They are replying to exactly what you requested.  

The information you are after is not contained within a DSAR.  So, doing a DSAR is just a waste of everyone's time and money.

As are the 1.2m complaints sent in despite MSE knowing full well that the process is on hold until September and that complaints will not be time barred during this process. Indeed, given DCA was not banned at point of sale, FCA of course might decide nothing was wrong, or that firms must contact people who had it and if you didn't, then you won't get contacted.

 1.2m x admin costs = 1.2m lots of costs added to the people buying cars in the future, Money Costing Expert !

born_again

Would certainly help if MSE would put "Another" Sticky. Stating that this is all on hold till Sept 2024, rather than post after post by people wondering what is going on...

DullGreyGuy

born_again said:

Would certainly help if MSE would put "Another" Sticky. Stating that this is all on hold till Sept 2024, rather than post after post by people wondering what is going on...

At present the 8 week time limit is on hold until the end of September so really even if the FCA report on time we are really looking at November but there are reasonable signs the FCA timescales will slip

born_again

Would really help if MSE added a new sticky given the update

https://www.moneysavingexpert.com/news/2024/07/car-finance-reclaim-decision-delayed/#:~:text=Martin Lewis: Car finance mis,redress payments now "more likely"&text=The outcome of a major,May 2025, it's been announced.

HayleyD83

MSE_Petar said:

It's "improbable" that a major investigation into hidden, unfair car finance commission will find no evidence of wrongdoing, the boss of the financial watchdog behind the probe has said. It's another indicator that millions of drivers could be in line for payouts.

Read the full story:
'Car finance mis-selling investigation expected to find wrongdoing, regulator says'

If you haven’t already, join the forum to reply.

Hi I have written to Black horse regarding this and received  3 emails to say they are still looking into things. Anyone else had similar?

MattMattMattUK

HayleyD83 said:

MSE_Petar said:

It's "improbable" that a major investigation into hidden, unfair car finance commission will find no evidence of wrongdoing, the boss of the financial watchdog behind the probe has said. It's another indicator that millions of drivers could be in line for payouts.

Read the full story:
'Car finance mis-selling investigation expected to find wrongdoing, regulator says'

If you haven’t already, join the forum to reply.

Hi I have written to Black horse regarding this and received  3 emails to say they are still looking into things. Anyone else had similar?

Nothing will happen until May 2025 at the earliest when the FCA is due to report, however that could still get pushed back further. 

There is a reasonable chance that they will not find mis-selling, there is a chance that they will, but in very limited circumstances and there is also a chance that even if they do no compensation will be due, or would be impossible due to the age and destruction of records under GDPR. Even if they do find mis-selling then lenders will challenge it in the courts, so you will just have to wait for at least a year, but possibly several. 

Hoenir

Number of finance companies that didn't conduct business in this manner at all is currently 27.  

Nasqueron

Hoenir said:

Number of finance companies that didn't conduct business in this manner at all is currently 27.  

I wonder how many are still on the list that MSE is telling people to email every week on their newsletter?