Cars: Loans
The question
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that motorists are aware of their rights in relation to mis-sold car finance agreements involving discretionary commission arrangements.
Answered by Emma Reynolds
The government notes that this matter is currently being considered by the Supreme Court and a judgment is expected to be handed down in due course.
The Financial Conduct Authority has confirmed that subject to the Supreme Court outcome, if consumers are found to have lost out from widespread failings by motor finance firms they are likely to set up a consumer redress scheme. On June 5, they published a statement setting out the key considerations that will influence the design of any redress scheme.
The Financial Conduct Authority will set out their next steps within 6 weeks of the judgment.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →