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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.'
Daily Mail
8 minutes ago
- Daily Mail
Fears emerge that Donald Trump could jeopardize NFL's blockbuster deal with ESPN
There are fears that Donald Trump could block the NFL's multi-billion-dollar deal with ESPN, according to reports. Earlier this month, the NFL and ESPN agreed a blockbuster deal that will see the network broadcast seven more regular-season games, and have access to NFL Network and RedZone. In return, it is reported that the NFL will receive equity in ESPN. The shock announcement, first reported by The Athletic, angered many football fans. But now Front Office Sports reports that Trump could intervene in the deal, which is expected to require sign-off from the government. There is reportedly 'growing concern' that the president could try to 'delay, or block' the billion-dollar agreement. Trump has a history of involving himself in sports - particularly the NFL. Only recently, he has been a vocal critic of the new kickoff rules and recently threatened to disrupt the Commanders' new stadium plans if Washington didn't change their name back to the Redskins. A decade ago, he tried and failed to buy the Buffalo Bills for $1billion. In 2017, meanwhile, he called on NFL owners to fire players who take a knee during the national anthem. Colin Kaepernick sparked a nationwide debate when he protested against police brutality and racial injustice. Other players followed suit and they soon incurred the wrath of the White House. 'Wouldn't you love to see one of these NFL owners, when somebody disrespects our flag, to say, "Get that son of a b**** off the field right now?" Out. He's fired. He's FIRED!' Trump said during a rally in Alabama. A year later, the president canceled the traditional White House reception with the Super Bowl winners after it emerged that only a small number of Eagles players planned to attend. Trump claimed Philadelphia disagreed 'with their President because he insists that they proudly stand for the National Anthem, hand on heart, in honor of the great men and women of our military and the people of our country.' The president has also had feuds with ESPN and its parent company Disney. 'ESPN is paying a really big price for its politics (and bad programming). People are dumping it in RECORD numbers. Apologize for untruth!' he said in 2017.
Reuters
8 minutes ago
- Reuters
China welcomes 183 Brazil coffee sellers in wake of US tariffs
SAO PAULO, Aug 3 (Reuters) - China has approved 183 new Brazilian coffee companies to export products to the Chinese market, according to a social media post of the Chinese embassy in Brazil on Saturday. The measure, a boon to local exporters after the United States government's announcement of steep tariffs on Brazilian coffee and other products, took effect on July 30. The new Chinese export permits are valid for five years, according to the post. The U.S.'s 50% tariff on some Brazilian products will begin on August 6. The levy represents a challenge for commodities traders and Brazilian coffee exporters, who need to find alternatives for the roughly 8 million bags sold to U.S. coffee processors every year. China is Brazil's top trade partner overall while the U.S. is a big buyer of Brazilian beef and orange juice, among other products. In June, Brazilian coffee exports into the U.S. totaled 440,034 60-kilo bags, 7,87 times more than Brazil's sales into China of nearly 56,000 bags that month, according to trade data compiled by industry lobby Cecafe. The Brazilian ministry of agriculture and Cecafe did not have an immediate comment. China's customs authority could not be immediately reached as it was outside the business hours. Brazil supplies about a third of the U.S. coffee demand each year, a trade valued at $4.4 billion in the 12 months ended in June.
