Black Horse Finance, asking for further information?

lorddazronk

I've currently got two complaints in with Black Horse Finance, both of which they've confirmed had discretionary commission agreements. They asked for further information about the sale, which I provided (basically on both sales no information was provided on interest rates etc at the time, and was likely buried in the fine print). I've had nothing further from them since, and this was provided about a month ago. 

Are Black Horse just burying their heads and waiting for the FCA decision, or has anyone had a successful response from them?

Nasqueron

lorddazronk said:

I've currently got two complaints in with Black Horse Finance, both of which they've confirmed had discretionary commission agreements. They asked for further information about the sale, which I provided (basically on both sales no information was provided on interest rates etc at the time, and was likely buried in the fine print). I've had nothing further from them since, and this was provided about a month ago. 

Are Black Horse just burying their heads and waiting for the FCA decision, or has anyone had a successful response from them?

Firstly, the interest rate was provided, it's a requirement of the lending process. They cannot hide the rate in the small print, it's on the finance documents you sign.

Secondly, they are not burying their heads, they are waiting for the FCA review yes, the FCA may say there was no mis-selling (as DCA was not banned at the time) and then lenders pay nothing, so there is no reason for them to do anything else.

Hoenir

You are not going to hear anything definitive ahead of anybody else. 

dunstonh

I've currently got two complaints in with Black Horse Finance, both of which they've confirmed had discretionary commission agreements. They asked for further information about the sale, which I provided (basically on both sales no information was provided on interest rates etc at the time, and was likely buried in the fine print).

You appear to be confused.     The interest rates would not be buried in the fine print.  Black Horse agreements clearly showed the interest rates on the agreement in compliance with the consumer credit act.

Are Black Horse just burying their heads and waiting for the FCA decision, or has anyone had a successful response from them?

They don't need to bury their heads.  They have done what is required of them.  Now they wait until September 2025 to read the report and respond some time after December 2025 when the FCA reopens the complaints process for DCA.

DCA can exist positively, neutral or negatively.     Positive is where the interest rate is lowered to aid affordability or where a promotion was on (such as a new car launch or where they had an event to shift cars).   Neutral is where it exists to be used but wasn't actually used.    Negative is where the interest rate was increased resulting in higher commission.

It is unlikely the FCA will penalise positive DCA and neutral DCA and its unknown what the FCA stance on negative DCA is for the period it was not banned.    The FCA appears to be taking more interest in its use with used vehicles rather than new vehicles.  Dealers have been making the point that the interest rate was part of the overall cost of the package and that often they would shift profit from car to finance or vice versa.     It is not known whether the FCA accept that yet or not.

So, until the FCA rule on it, the lenders are going to wait to be given instruction from the FCA.