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Firms advised to make provisions on car finance
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Nebulous2
Posts: 5,673 Forumite
Motor finance: Firms warned to hold cash back for probe - BBC News
BBC update on the FCA investigation.
They are having difficulty getting information from lenders - which leads me to suspect the September timescale will slip.
BBC update on the FCA investigation.
They are having difficulty getting information from lenders - which leads me to suspect the September timescale will slip.
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In many instances there'll be no detailed records available. Historic records progressively get destroyed.0
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May slip further if Barclays win their appeal over the DCA case
Remember DCA was not banned/illegal and this might end up as a damp squidSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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This is nothing new. It's an FCA rule that funds should be retained to cover potential liability. Its the BBC effectively reporting what the regulatory requirement on firms is.Nebulous2 said:Motor finance: Firms warned to hold cash back for probe - BBC News
BBC update on the FCA investigation.
They are having difficulty getting information from lenders - which leads me to suspect the September timescale will slip.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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