City watchdog 'nakedly' siding with lenders on car finance redress, MPs say

🤔 I'm really not sure why the FCA is siding with lenders on this one. £15.6 billion is a pretty big chunk of change, and if borrowers could get that amount, it would be a huge win for them. But instead, we're looking at a max payout of £8.2-£9.7 billion? That just seems like a drop in the bucket to me 🤑

And what's with the £700 per claim payouts? I think those numbers need to be looked at again. Some borrowers might not even come out ahead after factoring in legal fees 😬. And don't even get me started on the 30% loss of compensation – that's just outrageous! 💸
 
🤔 I think it's pretty shady that the FCA is sideswitching with lenders on this one, you know? They're supposed to be looking out for consumers, but their proposals seem more concerned with keeping the lenders happy 🤑. The estimate of £8.2-£9.7 billion just seems way off, considering some people could be owed up to £15.6 billion. And £700 per claim is basically peanuts compared to what they'd get in court 😒.

I also don't like that the FCA is making borrowers pay 30% of their compensation if they use a claims firm – it's all about protecting the lenders' profits, not consumer pockets 🙅‍♂️. And with the chancellor's involvement, I'm not surprised the estimates came down. It feels like there's more going on behind the scenes than we're being told 🤫.

We need to make sure the FCA is doing their job and really representing the people, not just the big financial institutions 💸. They need to draw a line under this issue quickly and ensure that consumers get the compensation they deserve 🙏
 
You must log in or register to reply here.
Back
Top