What are the potential consequences for car finance companies found guilty of mis-selling?

Car finance companies found guilty of mis-selling could face a number of consequences, including:

• Financial penalties: The Financial Conduct Authority (FCA), the UK's financial regulator, has the power to impose significant fines on firms found to have mis-sold car finance. These fines can run into millions of pounds.
• Compensation payments: Companies may be required to pay compensation to customers who were mis-sold car finance. This could include a refund of any inflated interest charges, fees, or miscalculated payments.
• Requirement to review and amend practices: The FCA may require the firm to review its car finance sales practices and make changes to ensure they are fair and compliant with regulations.
• Reputational damage: Public exposure of mis-selling practices can damage a company's reputation and lead to a loss of customer trust.

It's important to note that these are potential consequences, and the specific outcome will depend on the severity of the mis-selling and the FCA's investigation.

For further information on car finance mis-selling and the FCA's regulations, you can visit the FCA website https://www.fca.org.uk/.