Motorists issued update on investigation into missold car finance complaints

manchestereveningnews.co.uk:

The Financial Conduct Authority (FCA) has warned motor finance firms to put away some cash as it continues its investigation into the sector.

The regulator revealed that many firms "are struggling to promptly provide" the data it needs as part of the probe into customer complaints regarding overcharged finance.

The ombudsman said in January that it heard from more than 10,000 people who believe they were charged to much and suggested it will look into compensation if widespread misconduct is revealed.

It had written to firms involved in the investigation to call on them to engage with the process and ensure they have the funds they need.