Motor Finance Mis-Selling Claims - A Guide for Litigators

Introduction

Another financial mis-selling crisis is emerging.

In March 2019 the Financial Conduct Authority published the final findings of its review of the motor finance sector. It followed widespread anecdotal reports of highly questionable incentive structures in the sector and of the aggressive marketing of ‘PCP’ (personal contract purchase) plans to customers.

The FCA concluded ‘Across the firms in our analysis (around 60% of the market) we estimate that commission models which allow broker discretion over the interest rate [payable by the customer] could be costing customers £300m more annually when compared against a baseline of flat fee models’.

Mis-selling claims are now being brought against lenders and brokers to remedy the inflated interest rates that consumers were unknowingly duped into agreeing.

What You Will Learn

This live broadcast will cover the following:

• An overview of PCP and vehicle loans
• The legal framework
• Criteria for bringing a claim
• Practicalities of issuing the claim
• Quantum

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.