The Office of Fair Trading has confirmed it has not yet published any specific guidance for island residents who believe they may have been mis‑sold car finance.
In a written Tynwald answer to Douglas North MHK John Wannenburgh, OFT Chair Tim Glover said the organisation is still assessing the implications of the UK Financial Conduct Authority’s newly finalised Motor Finance Consumer Redress Scheme, published on March 30.
The scheme has already faced multiple legal challenges and may face further scrutiny.
The OFT has been in contact with island car finance providers and has now written to them formally to ask how they intend to respond to the FCA scheme and how they plan to communicate with customers. Responses are expected shortly.
For residents concerned they may have been mis‑sold finance, the OFT recommends contacting their car finance provider directly in the first instance to raise concerns and seek clarification about their agreement.
The OFT can also provide template letters to assist consumers.
The full written answer can be found here.
