PCP Customers overcharged by more than £1,000
The FCA released a report showing widespread mis-selling of PCP car deals, with many retailers not giving their customers all the facts required to make an informed decision. Many sellers were not acknowledging that they received commission for the deals, or that the commission was directly linked to the interest rates they were setting.
In order to gather accurate information about PCP practices, the FCA sent mystery shoppers to 122 motor retailers. Their investigation found the following: