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The Independent
7 minutes ago
- The Independent
Car finance mis-selling payout scheme could be worth billions, says FCA
A compensation scheme to pay out drivers who were mis-sold car loans could cost as much as £18 billion, the financial regulator has said. Millions of drivers were denied payouts on Friday after the Supreme Court ruled that lenders are not liable for hidden commission payments in car finance schemes. Two lenders, FirstRand Bank and Close Brothers, challenged a Court of Appeal ruling that the 'secret' commission payments paid to car dealers as part of finance arrangements made before 2021 - without the motorist's fully informed consent - were unlawful. After the Supreme Court's decision the bulk of the claims will therefore not go ahead, with only the most serious claims eligible for compensation. The £18bn figure is a significant drop from the £45bn if the Supreme Court upheld the ruling in full. 'It is clear that some firms have broken the law and our rules. It's fair for their customers to be compensated. We also want to ensure that the market, relied on by millions each year, can continue to work well and consumers can get a fair deal,' said Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA). The regulator said the final cost of the scheme would depend on its final design, which makes it difficult to estimate precisely. 'The FCA thinks it unlikely the cost of the scheme, including to run it, would be much lower than £9 billion,' it said in a statement. 'And it could be higher, up to £18 billion in some scenarios though the FCA doesn't believe these are the most likely. A total cost midway in the range, as forecast by some analysts, is more plausible.' Individuals are forecasted to receive less than £950 in compensation. The consultation for payouts is due to be launched by early October, with the first payments due to be made in 2026. Those who have already made complaints do not need to do anything further, the FCA added, and anyone who believes they were not told about commission and believes they may have paid too much should make a complaint now. The FCA warns that consumers do not need to use a claims management company or law firm for the claim. 'Our aim is a compensation scheme that's fair and easy to participate in, so there's no need to use a claims management company or law firm. If you do, it will cost you a significant chunk of any money you get,' Mr Rathi's statement added. 'It will take time to establish a scheme but we hope to start getting people any money they are owed next year.'
The Independent
7 minutes ago
- The Independent
What is Yvette Cooper's plan to fast-track asylum claims?
As tensions flare up in the UK over migration, with protests taking place in Newcastle, Manchester and north London, the government is pursuing a new plan to reduce the asylum backlog. The home secretary has said she plans to introduce a fast-track scheme to turn around asylum decisions within weeks, via a 'major overhaul' of the appeal process. The plan is part of a wider attempt to crack down on the number of people crossing the Channel, with Ms Cooper announcing a 'one-in-one-out' returns deal with France earlier this year. But despite their efforts, last week it was revealed that the number of migrants arriving in the UK after crossing the English Channel topped 25,000 in record time, piling pressure on the government to take further action. It is hoped that the new plan will make a dent in the backlog and return people to safe countries faster, reducing the number of asylum seekers who are housed in hotels while awaiting the outcome of a claim or appeal. Here, The Independent takes a look at everything we know about the plan so far and how it will work in practice. How would the fast-track system work? Asylum seekers and their families are housed in temporary accommodation, including hotels, if they are waiting for the outcome of a claim or an appeal and have been assessed as not being able to support themselves independently. But Yvette Cooper has now promised a 'major overhaul' of the appeal process, speeding up the time it takes for decisions on claims and appeals to be made. There are currently limited details on how this system would work, but sources told the Sunday Times it would allow decisions to be taken within weeks, rather than months or even years. Once a decision has been taken, those who have been rejected will be returned to their home country – reducing the number of people housed in temporary accommodation. 'If we speed up the decision-making appeal system and also then keep increasing returns, we hope to be able to make quite a big reduction in the overall numbers in the asylum system, because that is the best way to actually restore order and control,' Ms Cooper said. When will it be implemented? The home secretary has said she will legislate for the changes in autumn, when MPs return from their summer break. But it could take months for any legislation to pass through parliament, meaning we are unlikely to see the fast-track system implemented until the new year. How big is the asylum backlog and why is tackling it a priority? As of the end of March 2025, there were 78,745 asylum applications awaiting an initial decision – an 8 per cent decrease from the end of June 2024 and a 13 per cent decrease compared to the end of December 2024, official immigration statistics show. These outstanding cases related to 109,536 people, including both main applicants and their dependents. Labour has put a pledge to fix the 'broken' asylum system and crack down on the number of people coming to the UK on small boats at the centre of its plan for government. But with boat crossings at a record high, and the asylum backlog still above 75,000, there is mounting pressure on ministers to take more drastic action, a pressure exacerbated by the success of Reform UK in the polls. The government has also promised to end the use of asylum hotels before the end of this parliament, a promise it is unlikely to meet unless the backlog is reduced. Tensions over asylum hotels have flared up in recent weeks, with a protest and counter-protest taking place on Saturday outside the Thistle City Barbican Hotel in north London, and also in Newcastle and Manchester.
BBC News
8 minutes ago
- BBC News
Workers 'in limbo' as Vivergo Fuels plant takes final delivery
At a fuel plant near Hull, 20 tonnes of wheat are being poured from a lorry into storage, ready to be turned into ethanol – a type of alcohol that, when blended with petrol, reduces emissions. But this week's delivery, grown in the fields of Lincolnshire, is the last one on order for Vivergo owners of the UK's largest bioethanol plant, at Saltend, say its future is in doubt following a government decision to end a 19% tariff on US imports of the fuel as part of the recent UK-US trade month, Vivergo, which is owned by Associated British Foods (ABF), began consulting staff about shutting down the plant due to the are calling for financial help from ministers. Without it, they say production at the site – which employs more than 160 people – may halt before 13 September. They estimate about 4,500 jobs in the supply chain will be affected, including the farmers who grow the wheat and the truck drivers who transport government says it is in formal discussions with the company and wants to find "a way forward that protects supply chains, jobs and livelihoods". Stacey Monkman, who has worked at Vivergo for three years in the commercial and logistics departments, says it has been difficult to keep up morale."We're motivated because we've still got our jobs to do, but it's very unsettling."Being in limbo and waiting, not knowing which way it's going to go, it's hard," she says."We've all got families, we've all got bills to pay... a lot rides on it for us."Production manager Nick Smalley began as an apprentice and now manages about 65 people at the refinery. "It's really frustrating that these decisions are being made and we have no influence over them," he says. "I care deeply about the team that I have here, I want a bright future for all of those people. We really need quick action now, it's getting to crisis point." Production at Saltend had already been cut due to low bioethanol prices, with ABF initially raising the prospect of closure in April. The trade deal followed in May. It is not only Vivergo employees who are affected. The plant buys more than a million tonnes of British wheat each year from more than 4,000 farms and says it has purchased from 12,000 individual farms over the past Matt Pickering, of Pickering and Sons, near Gainsborough, Lincolnshire, sold the last load of wheat to Vivergo."We struggle with the quality of our land type, so we tend to go for out-and-out bulk volume shed fillers," he says. "Vivergo has been a fantastic home for us to sell feed wheat into."Meanwhile, Aghaul Limited, which transported the final wheat load to the plant, is among transport companies feeling the director Mike Green believes the potential loss of the contract will have a significant "knock-on effect" for his haulage business. "The government needs to have a look at this because it doesn't just affect me, there's a humongous amount of people that it's going to affect." Ben Hackett, the managing director of Vivergo, describes the plant as a "key foundation on the whole green economy". Removing the tariff on US imports destroyed the market, he argues."The customers have gone overnight. That's given us a real crisis. We cannot afford to operate this facility as a loss," he Hackett wrote to growers earlier this year explaining that the plant will only be able to honour existing contractual obligations for wheat purchases while the uncertainty has urged the government to support bioethanol production by creating a clear framework in order to boost demand, in addition to providing financial help during the transition."We are weeks at most away from Associated British Foods having to make a decision on the viability of the business," he says. "This site could very well close unless the government takes action." 'Way forward' A government spokesperson said the bioethanol industry had been facing "significant challenges" for some time and ministers were working with Vivergo on a plan to protect jobs and the supply with the companies continued "at pace" and external consultants had been brought in to help."We recognise this is a concerning time for workers and their families which is why we entered into formal discussions with the company on potential financial support last month," the spokesperson said. "We will continue to take proactive steps to address the long-standing challenges the company faces and remain committed to working closely with them throughout this period to present a plan for a way forward that protects supply chains, jobs and livelihoods." Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. Download the BBC News app from the App Store for iPhone and iPad or Google Play for Android devices
