Jersey cost of living and cold weather payments open
Who can apply?
The Community Costs Bonus is open to households where all of the following apply:at least one adult has lived in Jersey for the last five yearsthe household had a combined tax liability of less than £2,735 for 2024no member of the household has had an open Income Support Claim within the last seven days To get the Cold Weather Bonus the household must be eligible for the Community Cost Bonus and also:have at least one person who is 65 or older living there who gets a Jersey old age pension or has 10 years' continuous residencythe person applying or their spouse/partner must be a home owner or responsible for the lease (people paying for board or lodgings only will not qualify)no adult in the household should have received a cold weather payment from income support
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Daily Mail
6 minutes ago
- Daily Mail
Millions of motorists will have to wait until next year to receive motor finance compensation after Supreme Court case, competition watchdog reveals
Millions of motorists overcharged for car finance will have to wait until next year for settlements – with consultation on a proposed compensation scheme worth up to £18bn not due to launch until October. The Financial Conduct Agency announced the development this afternoon after a Supreme Court ruling on Friday – but said it would 'take time to establish a (compensation) scheme'. The FCA estimates 'most individuals will probably receive less than £950 in compensation' per claim, with the total value of the scheme between £9bn and £18bn. Some individuals who bought several cars via hire purchase could receive multiple payouts. Officials said they hope 'to start getting people any money they are owed next year'. In the meantime, the watchdog urged people to wait rather than taking action via a claims management company or law firm as it could 'cost you a significant chunk of any money you get'. It said it has already taken action against publishers of 225 adverts 'about potentially exaggerated amounts of compensation'. The FCA's stance was today backed by Money Saving Expert guru, who told his followers on X (formerly known as Twitter) to avoid claims firms or solicitors and that 'the most important thing is to DO nothing'. The FCA said 'many motor finance firms were not complying with rules or the law by not providing customers with relevant information about commission paid by lenders to the car dealers who sold the loans'. It defended its action in the wake of the court ruling, saying it 'moved quickly' on 'steps to set up a proposed compensation scheme because it wants to provide clarity and certainty to consumers, firms and investors as quickly as possible'. But FCA officials stressed that 'want to ensure the integrity of the motor finance market so it works well for consumers now and in the future' and that the compensation scheme would need to 'balance principles including fairness, timeliness, and certainty'. Nikhil Rathi, chief executive of the FCA, said: 'It will take time to establish a scheme but we hope to start getting people any money they are owed next year. 'Our aim is a compensation scheme that's fair and easy to participate in, so there's no need to use a claims management company or law firm.' He added: 'It is clear that some firms have broken the law and our rules. It's fair for their customers to be compensated. 'We also want to ensure that the market, relied on by millions each year, can continue to work well and consumers can get a fair deal.' The FCA is working on rules to govern the finance schemes, used by 2.2m people each year, to ensure lenders 'consistently, efficiently and fairly decide whether someone is owed compensation and how much'. The FCA said motorists who have already complained don't need to do anything but urged others to submit a complaint, if they think they have paid too much for motor finance. It added it would be 'working intensively and engaging widely over the coming weeks on the detail of how a scheme would work'. The Supreme Court's ruling found that hidden commissions from lenders to dealers on car loans were not in themselves unlawful, excluding several million motorists from making claims. The court said car dealers did not need to operate with a 'single-minded' duty to 'act only in their customers' best interests' when arranging finance – and rejected a claim finance companies had bribed car dealers. But it found the payment of particularly large commissions, without customers' knowledge, were unfair and affected customers in those cases should be compensated. The five judges said a case where the commission was 55pc of the total charge for credit was 'unfair' and that a failure to disclose the 'exact nature of the commission, and the concealment of the commercial tie between the dealer and the lender' was wrong. Analysts for investment bank Jefferies heralded the judgement as a 'huge win' for car financing firms as it means the companies can avoid a much larger compensation bill which some market experts forecasted could be as large as that for PPI (payment protection insurance). The scandal led to payouts totalling £50bn. To make a report about potential mis-selling of car finance, visit
Daily Mail
6 minutes ago
- Daily Mail
FCA reveals plans for car finance compensation scheme that could lead to payouts for millions of drivers
Millions of drivers could still receive a pay out for 'mis-sold' car finance deals after the Financial Conduct Authority (FCA) said it is looking into a compensation scheme. On Friday, the Supreme Court delivered a blow to car buyers after it sided with major lenders in the car finance scandal. Had the decision gone the other way, it could have led to £44billion of payouts dubbed 'PPI on wheels'. However, today, the FCA announced it will consult on an industry-wide redress scheme that could begin paying out from next year. The financial watchdog says it hopes the scheme will offer fairness and certainty to both customers and firms and in doing so, ensure the integrity of the car finance industry. Millions of car owners have been hoping for payouts over claims they were 'mis-sold' finance deals dating back more than a decade. Many car finance firms failed to comply with rules or the law, by not providing customers with relevant information about commission paid by lenders to the car dealers who sold the loans. 'It is clear that some firms have broken the law and our rules, said Nikhil Rathi, chief executive of the FCA, 'it's fair for their customers to be compensated.' He added: 'We also want to ensure that the market, relied on by millions each year, can continue to work well and consumers can get a fair deal. 'Our aim is a compensation scheme that's fair and easy to participate in, so there's no need to use a claims management company or law firm. If you do, it will cost you a significant chunk of any money you get. 'It will take time to establish a scheme but we hope to start getting people any money they are owed next year.' Who will be entitled to compensation? While some car finance customers won't get compensation because in many cases commission payments were legal, the Supreme Court ruled that in certain circumstances the failure to properly disclose commission arrangements could be unfair and therefore unlawful. The FCA will propose rules on how lenders should decide whether someone is owed compensation and how much. It says it will monitor if firms are following the rules and act if they're not. The Supreme Court agreed with several factors the FCA had identified which could point towards an unfair relationship and fall foul of the Consumer Credit Act (CCA). Such factors could include the size of the commission relative to the loan charge, the nature of the commission, for example, whether it is discretionary and the characteristics of the customer. How much compensation is due to car buyers? The total cost of the compensation scheme is expected to rise above £9billion with the FCA estimating that most individuals will probably receive less than £950 in compensation. The consultation will launch by early October. If the compensation scheme goes ahead, the first payments should be made in 2026. What should you do if you think you are eligible? People who have already complained don't need to do anything, according to the FCA. However, anyone who is concerned they were not told about commission and think they may have paid too much for their car finance lender should complain now. There is no need to use a claims management company or law firm and doing so could cost someone around 30 per cent of any compensation paid. The FCA recognises that car finance customers want to receive any compensation owed quickly while car finance firms, lenders and investors want certainty. The regulator says it will be working hard over the coming weeks on the details of how a scheme would work. What is the car finance scandal? The majority of new cars and some second-hand cars are bought via car finance deals where drivers pay an upfront deposit, borrow the rest from a lender and pay back the loan each month with interest. Each year some two million cars are purchased this way. However, many dealers and brokers were paid a behind-the scenes commission by lenders for signing buyers up to these agreements, which some drivers claimed they did not know. WHY WAS CAR FINANCE IN THE SUPREME COURT? In October, a ruling by the Court of Appeal deemed that these 'secret' commission payments without a consumers fully informed consent were unlawful. It considered the cases of three people with car finance deals, who argued they did not know about the commission made by their car dealers. Some lenders challenged that Court of Appeal decision so the case went to the Supreme Court. WHAT DID THE SUPREME COURT RULE? It ruled in favour of lenders instead of millions of consumers. Car finance firms did not unlawfully sell products by failing to disclose commissions. Supreme Court President Lord Reed said the court allowed the appeals brought by the finance companies. It did uphold one claim that a customer's relationship with the finance company was 'unfair' and that claimant will be awarded the amount of commission plus interest. Lord Reed then said 'other customers' claims are rejected'. It's a blow for motorists who did not know about the commission payments involved in their car finance deals. WILL ANYONE GET COMPENSATION? The FCA is consulting on setting up a redress scheme for those unknowingly signed up to a discretionary commission agreement (DCA) when they took out their car loans. In a DCA, lenders allow brokers and dealers to hike interest rates on car finance to increase their commission. These were banned in 2021 by the regulator. The watchdog has been probing DCAs since January 2024. Motorists must sit tight for six weeks as the FCA decides if it will set up a compensation scheme. This could cost lenders somewhere in the region of £5billion to £13billion, accountancy firm BDO says. WHAT DOES THE FCA SAY? The FCA says: Our detailed review of the past use of motor finance has shown that many firms were not complying with the law or our disclosure rules that were in force when they sold loans to consumers. Where consumers have lost out, they should be appropriately compensated in an orderly, consistent and efficient way. Some consumers have challenged their agreements with lenders through the courts. On Friday the Supreme Court ruled that in many cases commission payments could be legal, but a lender did act unfairly – and therefore unlawfully - due in part to the size of the commission it paid to the motor dealer and how it was disclosed. The Supreme Court agreed with several factors we had identified which could point towards an unfair relationship and fall foul of the Consumer Credit Act (CCA), whilst recognising it depends on the facts of each case. Such factors could include: the size of the commission relative to the charge for credit the nature of the commission, for example, whether it is discretionary the characteristics of the consumer compliance with regulatory rules the extent and manner of disclosure This clarity helps us because we have been looking at what is unfair and, prior to this judgment, there were different interpretations of the law coming from different courts. We will now consult on a redress scheme. Redress would depend on non-disclosure of the factors above and the interaction between them.
The Sun
6 minutes ago
- The Sun
Major health retailer with 700 stores to shut another branch as closing down sale launched
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