Money Box - Motor Finance Claims and Pay by Bank
Download Motor Finance Claims and Pay by Bank
Claims management firms have been warned by regulators to treat their customers fairly over compensation claims for mis-sold car finance. The financial regulator is set to announce its own free-to-use scheme for the millions of people who could be due compensation because the car finance deals they signed up to were mis-sold.
Private claims management firms, which have already taken on many claims, can take as much as 40% of any compensation eventually paid out.
The warning from the regulator includes telling consumers to guard against large charges to pull out of their claim, so-called exit fees, if they wish to switch to the free scheme.
And, if you've been shopping online recently you may have been asked to eschew your usual credit-card payment in favour of a new way to hand over your money: pay by bank. By cutting out the credit or debit card middlemen, you'll be saving the retailer some cost from payment fees. But what's in it for the online shopper - apart from having to put up with weaker consumer protection?
Also, the savings and investment divide between those who are, and aren't, using the tax-free benefits of a junior ISA and the new figures which show how online scammers are targeting those who are trying to improve their personal finances.
Photo credit: Tim Goode/PA Wire
Published on Saturday, 21st March 2026.
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