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@ Layer3.news
2025-05-26 04:15:50
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ABOUT £1BN IN CAR LOAN COMPENSATION AT RISK BECAUSE DATA DELETED, LAWYERS WARN
https://i.guim.co.uk/img/media/16c84e98c47cf9ef551d2c758df3d44e6e86ae0b/2_0_3687_2949/master/3687.jpg?width=140&quality=85&auto=format&fit=max&s=721791c4f7cb0038cec483e40e78a2ac
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✍️ Consumers may lose £1bn in compensation due to inflated car loans as banks and lenders delete data, claims lawyers.
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👉 Banks and lenders may have deleted data on car loans, making it difficult for consumers to claim compensation
👉 The Financial Conduct Authority (FCA) has not ordered firms to preserve data, which could lead to millions of people losing out on compensation
👉 The FCA is investigating car loan providers over potentially harmful commission arrangements
👉 Consumers may lose £1.18bn worth of compensation, with an average payout of £2,365 each
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#DarenSmith(managingdirectorofCourmacsLegal) #MartinLewis(consumerchampion) #RachelReeves(chancellor) #business
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