About this episode
The episode discusses the regulation of claims management firms regarding mis-sold car finance and the implications of new online payment methods.
Claims management firms have been warned by regulators to treat their customers fairly over compensation claims for mis-sold car finance. The financial regulator is set to announce its own free-to-use scheme for the millions of people who could be due compensation because the car finance deals they signed up to were mis-sold. Private claims management firms, which have already taken on many claims, can take as much as 40% of any compensation eventually paid out. The warning from the regulator includes telling consumers to guard against large charges to pull out of their claim, so-called exit fees, if they wish to switch to the free scheme. And, if you've been shopping online recently you may have been asked to eschew your usual credit-card payment in favour of a new way to hand over your money: pay by bank. By cutting out the credit or debit card middlemen, you'll be saving the retailer some cost from payment fees. But what's in it for the online shopper - apart from having to put up with weaker consumer protection? Also, the savings and investment divide between those who are, and aren't, using the tax-free benefits of a junior ISA and the new figures which show how online…
Topics covered
- car finance claims
- consumer protection
- online payment methods
- junior ISA
- scams
- compensation claims
Keywords
- car finance
- compensation
- claims management
- pay by bank
- junior ISA
- consumer protection
- scams
Mentioned in this episode
Organizations: BBC Radio 4, Claims management firms, financial regulator
Products: junior ISA
Places: online
More episodes of Money Box
- How to Live Long and Prosper · June 10, 2026 · 28 min
- Claims management inquiry and bank account switching · June 6, 2026 · 25 min
- Money Box Life: Teenagers talk money · June 3, 2026 · 28 min
- NS&I Delays and Youth Unemployment · May 30, 2026 · 23 min
- Renters and Landlords: Your Questions Answered · May 27, 2026 · 29 min
- Renters Rights, Energy Fixing and the £5k Typo · May 23, 2026 · 24 min
Explore listener stats, chart rankings, contacts and more on the Money Box podcast page.