Brooklands tribute to Weybridge man who died in Donington crash
Speaking on Radio Surrey, Mr Patterson said: "He was very passionate about his pre-war cars and about Brooklands."It's truly a tragic loss to us all in the community - not just at Brooklands but across the wider historic car community as well."He was just a true gentleman who always had time for anyone."Mr Grimwade is credited by Brooklands as being one of the founders of the Members organisation as it is today and served as its vice chairman until 2023.A spokesperson for Leicestershire Police said it was notified of a single vehicle collision at a licensed track day at Donington Park on 24 May.The force added: "The driver of the vehicle – a man in his 70s – was taken to hospital where he was later pronounced deceased."Enquiries are ongoing on behalf of the coroner, it added, but no criminal investigation is taking place.Motorsports UK said it would also conduct into the crash.International governing body the Fédération Internationale de l'Automobile (FIA) also issued a statement on X, following the Donington Park death which it said was one of three fatal motorsport incidents, including one in Scotland and a third in Denmark.
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The Independent
42 minutes ago
- The Independent
Motor finance victims urged to complain as compensation could hit £18bn
Millions of drivers could be owed a share of up to £18bn after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. Motorists could receive a pay-out after it emerged many motor finance firms were not complying with rules or the law by not providing customers with relevant information about commission paid by lenders to the car dealers who sold the loans, the FCA said. The authority estimates that most individuals will probably receive less than £950 in compensation. The final total cost of any compensation scheme is estimated to be between £9 billion and £18 billion, the FCA added. Consumer champion Martin Lewis said in a video posted to X that millions of people are likely to be due a share of up to £18 billion. He told Sky News the consultation is 'likely to mean 40% of people who got a car finance deal between 2007 and 2021 will be due some form of redress, likely to be hundreds not thousands of pounds'. The consultation will be launched by early October. If the compensation scheme goes ahead, the first payments should be made in 2026. It comes after Friday's ruling by the Supreme Court on cases in which the FCA had intervened. While some motor finance customers will not get compensation because in many cases commission payments were legal, the court ruled that in certain circumstances the failure to properly disclose commission arrangements could be unfair and therefore unlawful, the FCA added. People who have already complained do not need to do anything, the FCA said. Consumers who are concerned that they were not told about commission and think they may have paid too much to their motor finance lender have been urged to complain now. Consumers do not need to use a claims management company or law firm and doing so could cost them around 30% of any compensation paid, it added. To make an initial complaint, the FCA says people should get in touch with their lender or broker, then the provider should send an acknowledgement within eight weeks. Under the FCA's current rules, it will not have to send a final response until after December 4 2025. But as the FCA is consulting on a compensation scheme, the deadline may be extended. If customers are unhappy with their provider's response, they can then complain to the Financial Ombudsman Service, the FCA added. The authority will propose rules on how lenders should 'consistently, efficiently and fairly' decide whether someone is owed compensation and how much. It will monitor if firms are following the rules and act if they are not. Nikhil Rathi, chief executive of the FCA, said: '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. '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. 'It will take time to establish a scheme but we hope to start getting people any money they are owed next year.'
Times
2 hours ago
- Times
Lenders in car finance scandal brace for judgment from investors
Shares in lenders most likely to be forced into compensation payments to consumers who purchased vehicles on credit will be closely watched in the City on Monday, after the financial watchdog set out plans for a redress scheme of up to £18 billion. Close Brothers, Lloyds Bank, Barclays and the controlling group of Santander UK, among Britain's largest providers of motor finance, could see an impact on their share prices as investors consider the consequences of the Financial Conduct Authority announcing plans for a potential compensation scheme that could distribute payments as soon as next year. The FCA said on Sunday that a redress scheme could cost between £9 billion and £18 billion and should cover car loans dating back to 2007. Individuals could receive payments of almost £950 each. The announcement from the City watchdog came after the Supreme Court overruled key elements of an earlier judgment from the Court of Appeal in October that could have put the motor finance industry on the line for compensation payments of more than £30 billion, similar in scale to the £50 billion of payouts under the payment protection insurance scandal of the 2010s. Following that October ruling, shares in Close Brothers, one of the largest players in Britain's motor finance market, slumped by about a quarter in just one day. Shares in Lloyds Bank, which is exposed via its Black Horse lending arm, tumbled by more than 7 per cent. RBC Capital Markets predicted a 'sector impact' of £11.5 billion, with banks paying £3.8 billion and non-banks paying £7.7 billion. Banks had already set aside billions of pounds for possible compensation payments for people who bought a vehicle from a dealership that failed to properly disclose commissions they received from lenders. Lloyds Banking Group alone reserved £1.2 billion. However, analysts at the investment bank Jefferies predicted that the regulator's plans 'largely de-risk Lloyds' shares' from the scandal and that the redress scheme 'is consistent with our long-held assumptions'. Carmakers will also be in focus as many have their own in-house credit divisions. In the wake of the October Court of Appeal ruling, Honda and BMW stopped offering new loans to customers. Alex Neill, co-founder of the rights group Consumer Voice, said: 'Millions of drivers placed their trust in car dealers to secure a fair deal, yet were kept in the dark about unfair commissions that inflated the cost of borrowing. Now, for the first time there is a clear path to justice.' Slater and Gordon, a law firm, said: 'While the [Supreme] Court effectively sided with lenders in two of the three cases, the judgment does not close the door on compensation.' However, it said it was 'concerned that aspects of any proposed redress scheme may inadvertently exclude a significant number of those affected'. Adrian Dally, director of motor finance at the Finance & Leasing Association, an industry body, said: 'We have concerns about whether it is possible to have a fair redress scheme that goes back to 2007 when firms have not been required to hold such dated information, and the evidence base will be patchy at best.' The FCA shocked the motor finance industry in January last year when it announced it would examine so-called discretionary commissions paid to dealers between April 2007 and January 2021, when these types of payments were banned. Under such discretionary commission arrangements, brokers were allowed to set the interest rate on loans extended to borrowers. If they charged a higher rate, they would receive larger commissions, so they were motivated to do so at the expense of consumers' finances. Concerns within the motor finance market then amplified in October when the Court of Appeal decided that car dealers, in their capacity as credit brokers, had a fiduciary duty to their customers, meaning that they should act in consumers' best interests. It also said that undisclosed commissions amounted to bribes. Key elements of this judgment were overturned by the Supreme Court last Friday. There were about 25.9 million motor finance deals arranged between 2007 and the end of 2020, although the Supreme Court ruling means many will be ineligible for redress. There had been fears in the government that lenders would face a deluge of compensation claims, leading to the car finance market seizing up. The Treasury had been considering whether to step in to protect lenders.
The Independent
4 hours ago
- The Independent
Martin Lewis explains how to claim car finance mis-selling compensation as FCA predicts payouts worth up to £950
Financial expert Martin Lewis has advised on the next steps for drivers who were mis-sold car loans, after a financial regulator said the industry could pay out up to £18bn in compensation. The Financial Conduct Authority is launching a compensation consultation which will determine how much is paid out to millions of people who paid more interest than they knew about. A Supreme Court ruling on Friday (1 August) found that lenders are not liable for hidden commission payments in car finance schemes, a decision which means most of the claims will not go ahead, but only the most serious claims will be eligible for compensation. But many cases in a separate strand of the car finance mis-selling case, which was not part of the Supreme Court ruling, are still likely to receive payouts, Mr Lewis explained. Am I eligible for the compensation scheme? Mr Lewis explains that there are 'two strands' of the car finance mis-selling case. Discretionary Commission Arrangements (DCAs), which Mr Lewis says will be the main form of compensation to come out of the consultation, were not involved in the Supreme Court case, he said. 'The one most people have complained about wasn't involved in the Supreme Court decision, although it was on hold just in case anything in that decision caused a wobbler for DCAs,' Mr Lewis added. DCAs were banned in January 2021, so anyone with a personal contract purchase (PCP) or Hire Purchase (HP) deals before then, is likely to have unknowingly agreed to one. 'It is when you went to a car broker or dealer and it increased the amount of interest that you were charged to increase the amount of commission without telling you,' Mr Lewis explained. Those who had PCP or HP deals are 'likely to get compensation under this scheme'. But Mr Lewis notes that those who had 0 per cent interest, or whose commission was very small, are unlikely to receive compensation. But he says that for most people, the compensation will be in the hundreds of pounds. The other strand of the mis-selling case is the one element of the Supreme Court case which was upheld by the court - with the other two being dismissed. This refers to commissions which were 'manifestly unfair', Mr Lewis explained, adding that it is harder to define because it was done on a case-by-case basis. Factors in the payout may even include how vulnerable you are - and whether it is therefore seen as more unfair for the commission to have been so high. As this is done case-by-case and it is not a blanket issue like the DCA cases, it is unclear how the compensation scheme will work for these, Mr Lewis said. What should I do next? For those that are unsure whether they are eligible, Mr Lewis advises putting in a complaint to see whether you had a DCA. 'If you're one of those people who have already had a letter saying that your car finance firm, after you complained, won't deal with it until December this year, that will almost certainly be delayed until next year,' he said. The FCA is advising consumers who believe they may have paid too much should complain now, and advise against using Claims Management Firms (CMC) or law firms, which could cost up to 30 per cent of any compensation fees received. Lenders will have to contact customers, and either automatically pay out consumers or consumers will have to opt into a scheme for compensation, meaning receiving compensation will be 'very simple to do', Mr Lewis explained. Therefore, CMCs and law firms could take 30 per cent of the compensation without doing any work. Mr Lewis' money advice website MoneySavingExpert offers a free tool which will do a template complaint for you for DCAs. How much could I be compensated? The FCA estimates that most individuals making claims will receive 'less than £950 in compensation per agreement'. The final cost of a compensation scheme will depend on the final design which it takes, the FCA added in its statement earlier today. The first payments are forecast to be made in 2026. For DCA cases, the maximum you could receive is all of the commission you paid, Mr Lewis said. It is more likely you will be paid the higher interest rate you were charged minus the standard interest rate. A simple interest - meaning the interest is calculated on the original amount of the loan - of roughly 3 per cent per year will be added on top of the payout, Mr Lewis added. 'The very high likelihood is that many people who had a discretionary commission arrangement where they were charged more interest than they should have been will get back a chunk of that in the hundreds of pounds at some point in 2026,' he said. But the expert warned that the industry could 'fight this hard', before he urged industry members to accept the 'fair compromise'.
