Consequently,
Abusive sales auto loans: british:
Despite a favorable court decision, the banks will have to go to the checkout. In addition, The British Financial Markets (FCA) gendarme will work on a collective compensation program in the abusive sales case of. In addition, certain car credits. Moreover, This could cost up to 18 billion pounds (19.2 billion Swiss francs) to banks.
“It is clear that some companies have violated the law and our rules. Meanwhile, It is just that their customers are compensated. Similarly, “said Nikhil Rathi, FCA director, who will launch a consultation” by early October “on Sunday.
The British Supreme Court on Friday granted a partial victory to credit institutions on Friday, which awaited this verdict with anxiety, sharp that customer complaints against them were generally “inadmissible”.
First payments in 2026
In this case. buyers of credit on abusive sales auto loans: british credit paid without realizing, in addition to the price of the vehicle and the loan, a commission returned by the bank to the concessionaire, considered as a broker in the operation.
However. the highest British jurisdiction considered that these customers were entitled to claim compensation in certain circumstances, when an unhappy commission was “so high” that it in fact established an “unfair” relationship between the buyer and the bank. At the end of this consultation. “if the compensation program is approved, the first payments should be made in 2026,” said the FCA.
An estimated cost of 44 billion pounds for the banking sector
The customers concerned should. according to the gendarme of the markets, receive a maximum of 950 pounds (1016 francs). This should bring the total cost of compensation between 9 and 18 billion pounds (9.62 and 19.25 billion francs).
“Our goal is to have a fair. simple to use program, abusive sales auto loans: british so there is no need to call on a complaint management company or a law firm,” Nikhil Rathi said in his press release.
The most exposed banks had, in recent months, put aside considerable sums in anticipation of their exhibition. HSBC bank analysts had suggested before the hearing on Friday that the total cost for the banking sector could. amount to 44 billion pounds (47.04 billion francs).
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Abusive sales auto loans: british
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