Member Info for hardup

I've found it, bottom left hand corner of the last page. 10/19 suggests October 2019 to me?

I cannot see 10/19 anywhere on the document, but I would assume it either relates to the publication date of the document OR the date of the latest revision date of the document. Where can 10/19 be seen?

If the FCA do say there has been wrong doing I can see there will be big arguments over who is responsible to pay any fines/compensation. I think Black Horse and other Lenders will blame the brokers/dealerships for not disclosing the amount of commission they would receive before agreeing the loan to the consumer for arranging the finance. From the Black Horse ltd website, Car Finance Product Guide, it explicitly states for HP and PCP contracts:

"Commission. Dealers typically receive commission or other benefits for introducing you to us. If you request, they must tell you, in good time before you enter into the credit agreement, the amount of any commission payable."

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.blackhorse.co.uk/assets/pdfs/car-finance-product-guide.pdf

Early morning rise evaporating like early morning mist as the sun rises, again. 😒

Yes, Natwest first to report on Friday this week.

Donkeyeeyore....The SP has fallen from 47.6p when Martin Lewis made his tweet on 11th January to it's current level. The FCA are conducting an investigation which wont be finished until Q3 this year. Until this is completed and they have released their findings, and details of any compensation which should be paid if any, and by who, the SP will stay around this level. I think you will find this is why mrbg is saying car finance stuff is priced in.

Donkeyeeyore.....Martin Lewis scaremongering. It was only after he tweeted on 11th January that it could be on the scale of PPI that investors got the jitters. And the MSM now going OTT with one sided coverage almost daily hyping it up bashing the banks.

"They must realise the FCA are watching them...unbelievable."

Rubbish. Discretionary commission was legal up until 2021. And it took the FCA 4 years to decide it should be stopped. The FCA are at fault here for not having clear guidance in place......unbelievable!

From an article on the "This is Money" website yesterday.

"While such compensation levels may be of keen interest to consumers, Graham Hill warns the FCA is 'sitting on a powder keg' and could destroy the motor finance sector if it forces them to disburse huge sums.

He said: 'When some of the smaller brokers signed their broker agreements with the large lenders, they signed up to an 'indemnity clause' indemnifying the lender against claims made against them resulting from agreements with their introduced customers.

'This could easily bankrupt the smaller brokers and some of the larger ones as well.'"

https://www.thisismoney.co.uk/money/markets/article-12922759/Will-FCAs-motor-finance-probe-lead-PPI-style-payouts.html

Looking at the trades close to market close there are numerous trades all at exactly the same time 16:19:26 all at the same price 41.435p and all for very small single digit volumes? Very strange?

I doubt if anyone will have kept the paperwork from the loans they took out in 1999. I'm sure none of the the dealerships and Finance Providers have kept these.

NuckyT.....you're telling everyone else to sell up, so why don't you sell up?

"Work, wage and financial opportunity in the UK are heavily dependent on where one lives. Within a 20-50 mile radius of Central London, the world is your oyster. Beyond that, not so much."

Don't agree with that. There is plenty of opportunity in the UK outside of the Greater London area and south east.

"that should qualify for couple of family hols in the med, new car every 3 years, and as many trips to restaurants as you like.... as standard. Anything less is a disgrace."

Most on benefits enjoy that lifestyle! 😠😠

Lastgasp........You will also be receiving the state pension in addition to your £8300 work pension? Also small forces pension from your 8 years in the forces?

Makes a big difference when you are mortgage free and the kids have all flown the nest.

"I was kinda forced to move to a 3 day week in Aug last year and struggle on £41k part time."

Are you mortgage free?

Lloyds will be the 4th Bank to release 2023 Annual Results. Dates as follows:

Natwest.......Friday 16th February

Barclays.......Tuesday 20th February

HSBC............Wednesday 21st February

Lloyds..........Thursday 22nd February

Standard Chartered........Friday 23rd February

"Looks like the market is waiting for results now"

But Lloyds have to run the gauntlet of waiting until after Natwest, Barclays and HSBC have released their results. If their results are not appreciated by the market Lloyds will fall with sector sentiment even before it's own results are released.

"In the latest case, neither Santander nor Lloyds is accused of banking PCC directly, and their direct clients weren’t sanctioned by either the UK or U.S. Rather than mega fines or a revoking of U.S. dollar-clearing rights, that implies their main punishment may be a public airing of potential shortcomings to their “know your customer” procedures."

https://www.reuters.com/breakingviews/european-banks-re-enter-iran-sanctions-hurt-locker-2024-02-05/