Motor finance war of words heats up as City watchdog blasts law firm’s motives

cityam

Jul 08

The FCA has hit out at Consumer Voice and Courmacs Legal. A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its £9bn motor ...

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A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its £9bn motor ...</p>\n\n<a href=\"https://www.cityam.com/motor-finance-war-of-words-heats-up-as-city-watchdog-blasts-law-firms-motives/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Motor finance war of words heats up as City watchdog blasts law firm’s motives</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMotor finance war of words heats up as City watchdog blasts law firm’s motives\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-08 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/motor-finance-war-of-words-heats-up-as-city-watchdog-blasts-law-firms-motives/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The FCA has hit out at Consumer Voice and Courmacs Legal. A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its £9bn motor ...</p>\n\n<a href=\"https://www.cityam.com/motor-finance-war-of-words-heats-up-as-city-watchdog-blasts-law-firms-motives/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FCA","symbol_name":"First Trust China AlphaDEX Fund","start_time":0,"source_url":"https://www.cityam.com/motor-finance-war-of-words-heats-up-as-city-watchdog-blasts-law-firms-motives/","article_id":"2649991779","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/04/FCA-reception-2.webp?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/motor-finance-war-of-words-heats-up-as-city-watchdog-blasts-law-firms-motives/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2649991779","pubTimestamp":1783520303,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The FCA has hit out at Consumer Voice and Courmacs Legal. A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its 9bn motor finance scheme.The Financial Conduct Authority  has urged the Upper Tribunal to throw out the case entirely as it slammed Courmacs Legal and its client Consumer Voice, for a serious “want of candour” for allegedly masking its motives.The duty of candour in judicial review is a common-law obligation requiring all parties to proactively disclose all material facts and reasoning to the court.The FCA claimed both firms “failed to give a full and frank explanation” of their commercial activities and incentives in the scheme.The FCA’s scheme is also receiving challenges from the financial services arms of three manufacturers that – contrary to Consumer Voice – argue it has gone too far in its impact on the industry.FCA’s accusations ‘disgraceful,’ says consumer groupThe FCA suspended parts of its schem","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FCA":"First Trust China AlphaDEX Fund","BK4211":"区域性银行","CHCO":"City Holding Company"},"translate_title":"城市监管机构抨击律师事务所的动机，汽车金融口水战愈演愈烈","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1,"CHCO":1.5},"content_text":"The FCA has hit out at Consumer Voice and Courmacs Legal. A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its £9bn motor finance scheme. The Financial Conduct Authority (FCA) has urged the Upper Tribunal to throw out the case entirely as it slammed Courmacs Legal and its client Consumer Voice, for a serious “want of candour” for allegedly masking its motives.The duty of candour in judicial review is a common-law obligation requiring all parties to proactively disclose all material facts and reasoning to the court.The FCA claimed both firms “failed to give a full and frank explanation” of their commercial activities and incentives in the scheme.\n\nIn legal documents presented by the watchdog, it said the delay of its scheme through the challenge could be a bid to “channel more cases through Consumer Voice to [Courmacs Legal]” in a move “generating remuneration for both”.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe case follows backlash to the regulator’s £9bn motor finance redress program announced in March, which put consumers in up to 12.1m deals in line for an average payout of £830. The car misselling saga began in early 2024 over the use of ‘secret’ commission arrangements with dealers and lenders, leaving consumers in the dark.Top City banks have been put on the hook for compensation payouts, including Lloyds Banking Group, which has set aside £2bn, and Barclays at £325m.\n\nThe FCA’s scheme is also receiving challenges from the financial services arms of three manufacturers that – contrary to Consumer Voice – argue it has gone too far in its impact on the industry.FCA’s accusations ‘disgraceful,’ says consumer groupThe FCA suspended parts of its scheme earlier this month ahead of the legal battle, which is expected to take place as late as February 2027.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}