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Alliance News) - Millions of claims could be lodged by UK drivers who may have overpaid on their car finance, as the emerging issue has the potential to be "on par" with the PPI scandal, a consumer compensation expert has said.
The UK's financial regulator is currently reviewing whether people could be owed compensation for being charged too much for car loans.
It is looking into hidden and unfair commission arrangements on loans taken out between 2007 and 2021.
Simon Evans, the boss of trade group the Consumer Redress Association, which represents claims management companies, said that people are likely to have bought more than one car during that period.
This could more than double the number of claims that come through.
It comes after consumer expert Martin Lewis revealed earlier this month that 1.1 million people had submitted complaints through a free tool on the MoneySavingExpert.com website, which he founded.
He described the number of complaints as "staggering" and suggested that car finance mis-selling could be the "second biggest reclaim payout in UK history" after the PPI scandal.
That saw UK banks pay out billions of pounds in compensation to customers who were mis-sold personal protection insurance from the mid-1990s.
Evans suggested that the scale of those affected has the potential to be "on par" with PPI.
"If you think about the number of people who have bought cars in the last decade-and-a-half, there is a swathe of people who will have bought it in that way," he said, referring to the discretionary commission arrangements.
"What we are seeing through our member firms who are engaging with consumers at the moment is that actually each person has an average of about 2.3 claims.
"So they have had two or three cars in that period and all of those qualify for a claim."
This is likely to cause a "large headache" for car finance companies, Evans said.
But he added a "note of caution on the good work Martin Lewis is doing", suggesting that while many people will have downloaded the template complaint letter, it may not mean that they will all have taken the next step of sending it to their lender.
Meanwhile, the chief executive of the Financial Conduct Authority, Nikhil Rathi, recently downplayed comparisons with the long-running PPI redress.
He said he did not anticipate the car finance issue "playing out as PPI did", partly because the watchdog has intervened earlier.
Lloyds Banking Group PLC, which owns Black Horse, the UK's largest car finance lender, said last month it was setting aside a provision of GBP450 million to cover potential costs related to the FCA's review.
That includes the potential compensation for consumers as well as administration costs in dealing with complaints
Alliance News) - Millions of claims could be lodged by UK drivers who may have overpaid on their car finance, as the emerging issue has the potential to be "on par" with the PPI scandal, a consumer compensation expert has said.
The UK's financial regulator is currently reviewing whether people could be owed compensation for being charged too much for car loans.
It is looking into hidden and unfair commission arrangements on loans taken out between 2007 and 2021.
Simon Evans, the boss of trade group the Consumer Redress Association, which represents claims management companies, said that people are likely to have bought more than one car during that period.
This could more than double the number of claims that come through.
It comes after consumer expert Martin Lewis revealed earlier this month that 1.1 million people had submitted complaints through a free tool on the MoneySavingExpert.com website, which he founded.
He described the number of complaints as "staggering" and suggested that car finance mis-selling could be the "second biggest reclaim payout in UK history" after the PPI scandal.
That saw UK banks pay out billions of pounds in compensation to customers who were mis-sold personal protection insurance from the mid-1990s.
Evans suggested that the scale of those affected has the potential to be "on par" with PPI.
"If you think about the number of people who have bought cars in the last decade-and-a-half, there is a swathe of people who will have bought it in that way," he said, referring to the discretionary commission arrangements.
"What we are seeing through our member firms who are engaging with consumers at the moment is that actually each person has an average of about 2.3 claims.
"So they have had two or three cars in that period and all of those qualify for a claim."
This is likely to cause a "large headache" for car finance companies, Evans said.
But he added a "note of caution on the good work Martin Lewis is doing", suggesting that while many people will have downloaded the template complaint letter, it may not mean that they will all have taken the next step of sending it to their lender.
Meanwhile, the chief executive of the Financial Conduct Authority, Nikhil Rathi, recently downplayed comparisons with the long-running PPI redress.
He said he did not anticipate the car finance issue "playing out as PPI did", partly because the watchdog has intervened earlier.
Lloyds Banking Group PLC, which owns Black Horse, the UK's largest car finance lender, said last month it was setting aside a provision of GBP450 million to cover potential costs related to the FCA's review.
That includes the potential compensation for consumers as well as administration costs in dealing with complaints
11 December 2023
ITM Power PLC
100MW capacity reservation
ITM is pleased to announce that it has signed a capacity reservation with Shell Deutschland GmbH, under which Shell has secured future production capacity for the manufacturing of our state-of-the-art electrolyser stacks.
The reservation covers 100MW of TRIDENT electrolyser stacks to be manufactured in calendar years 2025 to 2026 in relation to the Refhyne 2 project at the Shell Energy and Chemical Plant in Rhineland, Germany, which remains subject to a final investment decision.
Dennis Schulz, CEO ITM, said: "Today's announcement is yet another validation of our technology and credibility to deliver at scale, providing reassuring recognition by a world-leading industrial customer. The capacity reservation also reflects the upcoming challenge for customers to secure credible large-scale delivery capability within the PEM electrolyser sphere, against a quickly growing demand."
Https://uk.finance.yahoo.com/news/sellafield-nuclear-under-robust-scrutiny-190019186.html
Https://www.express.co.uk/news/uk/1837158/scotland-germany-hydrogen-pipeline-plan
Analysts at Berenberg upped their target price on chemicals firm Synthomer from 115.0p to 400.0p on Friday, stating the group's balance sheet had now been "repaired".
Berenberg said Synthomer's current situation reminded it of the predicament faced by the company in late 2008 and early 2009 as cyclical headwinds and "elevated, although not extreme" leverage left shares plunging to lows similar to today's level, falling by over 90% from Covid-19 pandemic highs.
The German bank, which reiterated its 'buy' rating on the stock, highlighted that Synthomer was "a classic early cycle share". However, it also pointed out that shares "more than quadrupled" in the subsequent two years following early 2009.
As far as Berenberg is concerned, the fully-underwritten £276.0m rights issue announced on 7 September has taken the sting out of the worst-case scenario, and the bank said that while it was early to upgrade, the attractions of a2025 price-to-earnings ratio of just 6.0x and 15% free cash flow yield on a de-risked balance sheet were "plain to see".
"The just over 10% average reductions to operating profit mainly reflect lower assumed nitrile latex margins and weaker volume outlook in 2024 for the construction-and-coatings linked component of sales. Our earnings per share changes are less meaningful, as the company has run a 20-1 for stock consolidation stock prior to the 6-1 rights issue," said Berenberg.
HCSC renews contract
Cirata plc is pleased to announce that the Health Care Service Corporation (HCSC) has renewed its existing contract for Cirata's Fusion product for a period of 12 months. The total consideration for the term is $983,010. The use case supports HCSC disaster recovery for on-premises Hadoop data moving to Microsoft Azure cloud. Fusion is a data migration product.
NatWest expands contract
Cirata plc (LSE: CRTA) , is pleased to announce that NatWest has expanded the scope of its existing contract for Cirata's Data Migrator.
The new term is for a period of 3 years. The total consideration for the term is approximately $320,000 with an initial requirement to move 2 Petabytes of data. The use case supports hybrid cloud and enables the continuous movement of data from on premise to the cloud.
WZZZY
August Graham, PA Business Reporter
Mon, 11 September 2023 at 4:08 pm BST
In this article:
WZZZY
A global issue with some Airbus plane engines will reduce the capacity of Wizz Air by around one tenth according to an initial estimate, the business said.
Wizz Air said that its capacity would be 10% lower in the second half of the 2024 financial year, after aerospace supplier RTX said it would have to perform quality control on engines installed in hundreds of planes across the world.
RTX said on Monday that a “rare condition in powder metal used to manufacture certain engine parts” had necessitated the checks.
It said that 600-700 Pratt & Whitney geared turbofan (GTF) engines would need to be removed to be examined between 2023 and 2026.
It added: “Pratt & Whitney is analysing the impact of powder metal on other engine models within its fleet, and other engine models currently are expected to be far less impacted.”
Wizz Air said the issue would end up grounding some of its aircraft.
The London-listed Hungarian airline told shareholders: “Wizz Air was informed by RTX that its Pratt & Whitney GTF engines will be subject to inspection intervals, resulting in engines being removed for shop visits during the remainder of 2023 and into 2024 that will likely cause some of its aircraft being grounded in this period.
“Wizz Air is currently assessing the implications to understand the extent of the impact on its fleet, with initial estimates indicating a potential capacity reduction of 10% for the second half of the 2024 financial year.”
It added: “Wizz Air will continue to work with Pratt & Whitney to minimise the impact to its fleet plan and costs to the business
WZZZY
August Graham, PA Business Reporter
Mon, 11 September 2023 at 4:08 pm BST
In this article:
WZZZY
A global issue with some Airbus plane engines will reduce the capacity of Wizz Air by around one tenth according to an initial estimate, the business said.
Wizz Air said that its capacity would be 10% lower in the second half of the 2024 financial year, after aerospace supplier RTX said it would have to perform quality control on engines installed in hundreds of planes across the world.
RTX said on Monday that a “rare condition in powder metal used to manufacture certain engine parts” had necessitated the checks.
It said that 600-700 Pratt & Whitney geared turbofan (GTF) engines would need to be removed to be examined between 2023 and 2026.
It added: “Pratt & Whitney is analysing the impact of powder metal on other engine models within its fleet, and other engine models currently are expected to be far less impacted.”
Wizz Air said the issue would end up grounding some of its aircraft.
The London-listed Hungarian airline told shareholders: “Wizz Air was informed by RTX that its Pratt & Whitney GTF engines will be subject to inspection intervals, resulting in engines being removed for shop visits during the remainder of 2023 and into 2024 that will likely cause some of its aircraft being grounded in this period.
“Wizz Air is currently assessing the implications to understand the extent of the impact on its fleet, with initial estimates indicating a potential capacity reduction of 10% for the second half of the 2024 financial year.”
It added: “Wizz Air will continue to work with Pratt & Whitney to minimise the impact to its fleet plan and costs to the business
Https://uk.finance.yahoo.com/news/223p-rolls-royce-shares-slam-060100191.html
Https://uk.finance.yahoo.com/news/2-08p-rolls-royce-shares-061400100.html
Legal & General Group PLC (LSE:LGEN) fell 2.0% despite stating "confidence" in achieving its five-year ambitions is unchanged.
The FTSE 100-listed firm said a transition to a new accounting method will not hurt its "strategy, solvency or dividends". The IFRS 17 accounting standard for insurers was ushered in at the start of 2023.
"It only impacts the reporting of our annuity and protection businesses, changing the timing of recognition of earnings from these products but not the quantum," L&G said in a statement.
The insurer said it is on track to generate £8bn to £9bn of capital for the period between 2020 to 2024.
L&G said it has transacted GBP6.8 billion worth of pension risk transfer transactions year-to-date.
"There has been a step-up in the number of pension schemes approaching the insurance market, alongside an increase in GBP1 billion+ transactions, with several more such pension schemes intending to complete transactions this year,” L&G said.
“The pipeline for 2023 is the largest we have seen and we are on track for one of our busiest years ever."