Volkswagen Finance fined £5.4m by FCA for failing to support vulnerable customers, paying £21.5m in compensation.

Volkswagen Finance has been fined £5.4 million by the UK Financial Conduct Authority (FCA) for failing to adequately support vulnerable customers between 2017 and 2023. The firm will also pay £21.5 million in compensation to approximately 110,000 affected individuals. The FCA found that Volkswagen Finance repossessed vehicles without considering individual circumstances, leading to significant distress among customers. The company has acknowledged the issues and is implementing improvements.

October 21, 2024
26 Articles