FCA: companies ‘almost certainly’ guilty of DCA failings
18 March 2024
FCA chief Nikhil Rathi said last week it was “improbable we will find nothing to report as we look at historic motor finance sales”. Some companies were ‘almost certainly’ guilty of failings in concealing commissions – but the regulator played down speculation that redress would match the £50bn bill for PPI.
The investigation will also not be as protracted. “I do not anticipate this issue playing out as PPI did, not least because we have intervened early in the interest of market orderliness.”
Money saving expert Martin Lewis earlier speculated the scandal could be “of a PPI-type scandal”.
Rathi added the FCA will “look favourably on firms that have made reasonable efforts to address concerns. We’re not setting out to trip firms up by going after technical breaches”.
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