How Will The FCA Protect Future Car Finance Consumers?

The question has been raised to how the Financial Conduct Authority (FCA) will protect the future of car finance consumers, especially amidst the black cloud of there being so many instances with drivers that are being blatantly mis-sold PCP car finance. Here, we will be explaining more about what the FCA is currently doing and planning to do in the months and years to come.

As we write this, the FCA are well into a multi-year investigation of the car finance industry as a whole, taking a particularly close look at why such a large number of motorists are being ripped off (knowingly or otherwise) when being sold their PCP car finance plans. Their findings have resulted in some major newspaper headlines that do not reflect well on the automotive trade, hence the concern about the future for consumers. But in reality, their research is designed to serve that very purpose.

Indeed, these results will only result in more stringent measures being put in place to protect the rights of consumers, and to eliminate as many instances of possible for drivers to be ripped off in any way by the plans they sign up to. In addition, severe penalties will be dealt for those who have been found to have blatantly mis-sold finance plans, and for those who may not have intended to do so, but are trying to skirt responsibility nonetheless. This will also ensure that the same penalties will be applied to any dealers who flagrantly abuse their powers to the detriment of motorists in the coming years.

What’s more, the FCA will be speaking closely with the relevant authorities to tighten up the laws within this country pertaining to car finance. This means that legal regulations will be implemented or enhanced to further protect the rights of motorists, now more than ever where deals are done online with more contactless ecommerce like transactions of sourcing for cars and funding it. All of these represent the actions that will be taken by the Financial Conduct Authority. And it is really all to benefit motorists: though the dealers found to have operated under malpractice should be suitably punished, it is the drivers who are the real victims in the multitude of mis-sold finance scenarios, and so any measures taken will all be designed to help them, both now and moving forward.

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