Last week the Supreme Court ruled on three motor finance cases. The finance involved was for used cars supplied by car dealer finance brokers for a car purchase agreement.
Two of the three cases were dismissed, while the third was upheld by the Supreme Court, ruling that the finance agreement was unfair based on the Consumer Credit Act of 1974.
There is no impact on Fleet Alliance customers. We act as a credit broker not a lender or car dealer. We currently arrange rental hire agreements in the business-to-business market rather than the consumer sector, so we fall out of scope.
The FCA redress scheme involves finance companies and car finance brokers.
“The FCA’s redress consultation is focused on unfair lender-borrower relationships under the Consumer Credit Act, which does not apply to our firm as a broker arranging hire agreements,” commented Head of Compliance, Lynda Gibson.
“Nonetheless, we will continue to follow developments closely and remain compliant with the current FCA procedure based on some of our historic finance agreements. Our Commission Disclosure and consent process remains aligned with FCA expectations and the Consumer Duty,” added Gibson.
Should you wish to discuss the ruling, please arrange a callback here, and a member of our team will be in touch with you shortly.
Last week the Supreme Court ruled on three motor finance cases. The finance involved was for used cars supplied by car dealer finance brokers for a car purchase agreement. Two of the three cases were dismissed, while the third was upheld by the Supreme Court, ruling that the finance agreement was unfair based on the … Continued
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