The British Markets Regulatory Authority stated in a statement that Volkswagen Finance also agreed to “pay more than 21.5 million pounds sterling (about 28 million dollars) in compensation to approximately 110,000 customers who suffered damage due to its failures.”
The Financial Supervision Authority, which has been tracking the failures of banks and financial institutions in the way they deal with their customers facing difficulties, has previously imposed fines on several British institutions, including HSBC, Barclays, and Lloyds.
The alleged violations by Volkswagen Finance occurred between January 1, 2017 and July 31, 2023.
The British Markets Supervision Authority explained in its statement that “in some cases, a company”Volkswagen “Financial” cars from customers in a weak situation (financially) without considering other options.
FCA official Therese Chambers said in the statement: “For many, a car is not a luxury but a necessity for work or family life. Volkswagen Finance has exacerbated difficult personal situations and it is right to pay compensation to those who have suffered.”
Volkswagen Finance is one of the largest car financing providers in the world UKEspecially for buying Volkswagen cars as well asSkodaAnd Porsche, according to the regulatory body.
Volkswagen Financial Services responded in a statement sent to Agence France-Presse, saying: “We apologize for any harm caused.”
She added, “We acknowledge our failures in these past cases and have made significant adjustments in recent years to ensure that we continue to provide the appropriate level of service.”
According to the British market watchdog, the fine could have been higher but was reduced by 30 percent because the group “agreed to resolve” the problems mentioned.
