Rolling coverage of the latest economic and financial news, as shares in Lloyds and Close Brothers jumpMillions in line for payouts from £18bn car loan compensation schemeThe head of the UK’s financial watchdog is urging consumers seeking redress in the car finance scandal not to use claims management companies or law firms to handle their case.Nikhil Rathi, the chief executive of the Financial Conduct Authority, has told Radio 4’s Today Programme that the FCA’s proposed compensation scheme will be free to use.“We have taken action against 225 adverts because there have been exaggerated claims out there.If you sign up to these companies you may lose up to 30% of any money you are owed.They [the court] have said that different characteristics determine what is unfair.It could be the level of the commission, how it was disclosed, the characteristics of a consumer…. Continue reading...

View Entire Post