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Opinion UK consumer credit

British banks face an expensive motor finance crash

Giving dealers incentives to increase loan interest rates for car buyers could be ruinous for lenders

JOHN GAPPERAdd to myFT

The liability for compensating customers who were mis-sold loans by car dealers and brokers could reach many billions © Tony Smith/Alamy

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John Gapper YESTERDAY

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When the US economist George Akerlof wrote his Nobel Prize-winning paper on the problem of information asymmetry in business in 1970, his leading example was used car dealers. Akerlof noted that it was impossible for a buyer to grasp whether a car they were being offered was a bargain or a dud. Only the dealer knew.

Time has passed but some things do not change. Substitute “used car finance deal” for “used car” and this summarises the scandal that has emerged in the UK motor finance industry. The liability for compensating customers who were mis-sold loans by car dealers and brokers could reach many billions. This recalls the payment protection insurance fiasco that ended up costing British banks £50bn.

It already weighed heavily on banks including Close Brothers and Lloyds before a Court of Appeal ruling that made matters a great deal worse for all of those involved. The court ruled that dealers have a fiduciary duty to offer the best finance deal to car buyers, and not to shroud excess interest charges in small print that they are “highly unlikely to read”.

The deception at the heart of the affair involved dealers receiving higher commissions for persuading buyers to sign costly finance deals, a tactic that was banned by the Financial Conduct Authority three years ago. The long tail of liability for past deals, and now on dealers that did not provide enough information even about FCA-appro

All I could think is that OBD PYC SCLP all UK and targeting cancer /oncology and PYC SCLP large trades are under notifiable

SCLP = c 1.8%

PYC = c 2.5%

Labour government said it would invest into UK science and life science

Same trades on APTA OBD SCLP PYC...all UK science/biotechnology

Who is Diggle please ?

All I could think is that OBD PYC SCLP all UK and targeting cancer /oncology and PYC SCLP large trades are under notifiable

SCLP = c 1.8%

PYC = c 2.5%

Labour government said it would invest into UK science and life science

Same trades on APTA OBD SCLP PYC...all UK science/biotechnology

Ceo speaks very well and very confidently , he's mentioned several times "super excited "

Proactive have 52k followers/audience on YouTube so a pretty wide audience compared to RNS, X , LinkedIn

Labour government said it would invest into UK science and life science

Same trades on APTA OBD SCLP PYC...all UK science/biotechnology

Laura2022

Posts: 5,553

Price: 0.275

No Opinion

RE: Call me suspicious....butToday 09:55

Labour government said it would invest into UK science and life science

Same trades on APTA OBD SCLP PYC...all UK science/biotechnology

ReplyRecommendReport Post

Fredd1eboy

Posts: 10,066

Price: 0.275

No Opinion

Call me suspicious....butToday 09:52

. .but yesterday's +/- mega 16.35 trades on both APTA and OBD platforms occurred at precisely the same time....I wondering if there's any significance or if it's just coincidence!

I'd still like to know what was/is the relevance.

Thoughts anyone far more "trading savvy" than yours truly?

Labour government said it would invest into UK science and life science

Same trades on APTA OBD SCLP PYC...all UK science/biotechnology

I don't think anyone buying £42k is looking for 10%!!

They could do BP TESCO etx for that

Much improved day

Toffee

Does it mean someone has bought that whole 4mln?

That's just a fraction under 3% of the company bought ....must have been filled for weeks/?

Wow

What on earth is that trade?

4mln at 0 7p has to be a buy ?

Just need Admiral Ackbar now

I would hope new or more recent new members also may consider buying

This could be linked with the potential JV mentioned in the June 2024 DoseMeRx update

Very nice to see

Strange you've not commented on SCE which you were ramping 2 weeks ago and is now virtually bust

Why did you have a 9 year gap in posting on LSE

Why have you ramped SCE and FAB but then decided to target PYC

Yes..was a buy

Toffee

I agree and let's not forget virtually no other AIM CEOs are buying on open market and certainly not one with lowest renumeration on AIM (£70k versus £250/300 average )

The important bit for me is I'm not aware of any other AIM CEO who has bought on the open market and certainly not one whose renumeration is lowest on AIM and yet has delivered record contract revenues