Car dealers are being targeted with mis selling claims as customers taking out finance arrangements have not been told that the car dealers are earning commission. Consumers would expect to have details provided in key facts documents stating that they were making commission.
Regulations requirements
Financial Conduct Authority’s consumer credit source book rules require that if sales staff are acting as finance brokers, they must tell customers if they are being paid for doing so, how much they are getting.
The main area for concern is that sales staff are offering financial products that are not always the most beneficial to the customers but offer the higher commission levels to sales staff. Consumers should be told all the details regarding a finance deal and all risks should be made clear, so the consumer can decide if it is the right deal for their financial needs.
If they have not done this, then you may be eligible for compensation.
How can we help?
If you have a complaint regarding finance arrangements, please do not hesitate Summerfield Browne Solicitors on 0800 567 7595 or email us on enquiries@summerfieldbrowne.com
