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Rip-off car loans to face new FCA scrutiny
Evening Standard
|January 11, 2024
A LOOMING scandal over rip-off car loans went up a gear today, when the main market watchdog announced it would be increasing its scrutiny into how they were being sold.
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A LOOMING scandal over rip-off car loans went up a gear today when the main market watchdog announced it would be increasing its scrutiny into how they were being sold.
The Financial Conduct Authority pointed to a high number of complaints from consumers who were sold loans at higher rates after salespeople were incentivised to sell costlier loans with more generous levels of commission.
Reports suggest the problem may affect about a million people.
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