Finance
UK More Likely to Intervene on Motor Finance as Probe Delayed
- FCA says intervention more likely than at start of review
- Watchdog to delay setting out next steps for review until May
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The UK’s Financial Conduct Authority said it’s “more likely” to intervene over motor finance practices, an early indicator that firms including Lloyds Banking Group Plc, Close Brothers Group Plc and Barclays Plc may have to compensate customers over the sale of car loans.
“It is too early to say if we will intervene in this way, but based on our work so far, it is more likely than when we started our review,” the FCA said in a statement Tuesday.