MSE News: Car finance redress scheme likely delayed to November due to legal challenges

karic

https://forums.moneysavingexpert.com/discussion/comment/82035582#Comment_82035582

Thanks for your reply. I was just concerned that my submission was being passed around and wanted an assurance that someone was dealing with it. I understand that any payments will not be made until next year at the earliest (or if ever). I've seen various reports about Pendragon selling off its LandRover business which was a bit worrying. Fingers crossed though that everything is now back with LandRover Finance.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/81998577#Comment_81998577

They also dont know what the difference was between what the dealer is paying for the car and what they are charging the customer… they've offered to sell them the car for £36,000 but they could maybe have gone to £32,000 and just made less commission or maybe they would normally sell it for £38,000 but are reducing it to reflect the commission from the finance.

You seem to think there is only one place in the world that the person could buy the car from and that they cannot shop around, particularly for new cars, that isnt the case.

Really the thing has to be looked at in it entirety because these things are interconnected. If it was any industry outside of Financial Services the fact that the customer chose not to shop around and therefore paid above the odds would normally be seen as their problem but FS is held to an unusually high standard, some of which I understand and in some aspects it feels it goes too far… even the FCA has acknowledged some of its own rule changes will have adverse impacts on people in their attempts to protect others.

dilwyn555_2

I put in a formal complaint letter, as per your pro forma, to MINI financial services and got an acknowledgement in early April saying they would be addressing the matter (as per FCA permission after May 31st. I then heard nothing so made a further enquiry on 1st July. No reply. Made a further enquiry on 4th August. Thus far no reply. Then I read in your columns about the potential delay until November. Shouldn't MINI Financial Services have at least told us they were hanging onto the coat tails of VW etc? Or is the FCA a toothless tiger?

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82098814#Comment_82098814

The FCA cannot take action until the appeals go through. Indeed, part of the appeal is against a decision the FCA made to try and cut out/reduce the damage from people being suckered in by claims management firms!

dunstonh

Shouldn't MINI Financial Services have at least told us they were hanging onto the coat tails of VW etc? 

They're not doing that, so there's no point telling you that.

Or is the FCA a toothless tiger?

Why do you think that the FCA is above the law?

Penguins4ever36

https://forums.moneysavingexpert.com/discussion/comment/82098814#Comment_82098814

all financial providers are subject to the delay due to the legal challenges. The FCA cannot block these challenges as in our country all companies/individuals have the right to raise a legal case. You need to be patient