The lenders say that the estimates of FCA loans are very high, the lenders say

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The UK Financial Supervision Authority expects 9 billion pounds of £ 18 billion in compensation that consumers will expect to finance unprecedented cars, according to the auto financing industry.

Adrian Dali, Director of Automobile Finance at the Finance and Leasing Association, said that the financial behavior authority will be struggling to prove the real losses that consumers were exposed at first as it was at the beginning. estimated In August.

Daly said: “We still do not know what was behind the FCA proposal.” “They did not appear … We believe that it should be less than 9 billion pounds.”

FCA is scheduled to publish a consulting paper early this week, showing the details of the largest correction plan for consumers who have been funded for cars over the past two decades.

FCA said: “We have participated widely as we thought about how to make any compensation scheme. We will soon consult on it and define the evidence that we collected and analyzed.”

The Supervision Authority was estimated that the Repress scheme will cost 9 billion pounds to 18 billion pounds for lenders, who number 38 lenders, believes that the sale of up to 14 million financing agreements on vehicle purchases between 2007 and 2021.

Several cases covered by the recession plan from the Appreciation Committee agreements (DCAS) will be established in which lenders have allowed car dealers to gain greater fees by raising the interest that the consumer pays on a loan.

Daly said that when I banned FCA DCAS in 2021, she estimated that she cost consumers 165 million pounds annually. He said that even after adding the interest at an expected rate of 3 percent and administrative costs, the total will remain less than 9 billion pounds.

The Service of the Secretary of the Financial Grievances granted compensation in DCA cases equal to the amount of additional interest that the customer had to pay above the minimum rate that agents could specify.

Dali said: “We can say that this is not true, this is not a loss, because in a world without DCA, the customer will not get this rate because the agent did not have a discretionary authority to go to this rate.”

He added that after the DCAS International Migration Agency has banned, the average cost of car financing has not decreased. “In a world without DCA, what will happen to the customer?” He said.

The FCA correction scheme was much greater if the Supreme Court was not in August Turn Many of the previous Court of Appeal Court threatened to fail the lenders with the costs of compensation of up to 44 billion pounds.

However, the referees supported a single claim against banks for the “unfair treatment” of the customer whose car was financed by a bad commission to detect the agency worth 55 percent of the total interest costs. The Repress FCA chart will also include similar cases.