The scandal over mis-sold PCP loans has come after a two-year investigation, conducted by the Financial Conduct Authority (FCA), found a considerable amount of motorists were being overcharged PCP.
The UK’s financial watchdog found that, between them, 560,000 people could potentially have overpaid a staggering £300 million more in interest than was actually necessary.
The investigation also reported that many retailers were not giving their customers all of the facts necessary to make informed decisions on the deal.
Many sellers failed to acknowledge not only that they were receiving commission from these deals, but also that this commission was linked directly to the level of interest charged.