Latest news with #DCA
Daily Mirror
3 days ago
- Automotive
- Daily Mirror
Martin Lewis says car buyers from 2007-2021 could claim part of £18bn
Millions of UK motorists could receive a payout after the Financial Conduct Authority confirmed it will hold a consultation on a redress scheme on hidden car finance commission claims Car and van buyers across the country faced a blow after the Supreme Court dismissed the possibility of compensation for hidden commission payments on car finance loans. In a turn of events the Supreme Court quashed a previous ruling that might have led to millions of motorists receiving compensation for mis-sold car finance. The UK's top court sided with finance firms in two out of three landmark test cases, centred on commissions paid by banks and other lenders to car dealerships. This latest judgement overturns earlier court decisions that had opened the door for countless drivers to seek compensation. Nevertheless, there remains a glimmer of hope for many motorists who entered into a particular type of finance agreement known as a Discretionary Commission Arrangement (DCA). These deals, which were available on Personal Contract Purchase (PCP) and Hire Purchase agreements until 2021, allowed for the potential increase in loan amounts so brokers or dealers could earn higher commissions. Money Saving Expert founder Martin Lewis has offered guidance on his website regarding the situation. He has encouraged individuals to lodge a claim regardless, stating there's "no harm" in trying their luck for a payout. He advised his followers: "In recent weeks, I've been saying 'do nothing' as there was so much uncertainty. Now we're on a firmer base, on the back of what the regulator says, there's no harm in putting in a complaint to see if you had a DCA. Just do it yourself and use our free complaint tool.", reports the Express. He also mentioned: "This may be particularly beneficial in old cases, where you have the details of your car finance but the car finance firm may have deleted it - as this way you put a marker in that you want your case looked at (though again, specifics of this are up in the air). "In newer cases, complaining now is more about the fact many want to know if they had a DCA and whether they may be due compensation or not. So if you don't want the hassle, you likely wouldn't lose out by not putting one in at this point, so could just wait." The guidance follows the Financial Conduct Authority's announcement that it will consult on a redress scheme for hidden commissions in car finance deals, after uncovering that some motor dealers were given commissions from banks or finance companies providing loans, potentially leading to inflated interest rates for customers. The FCA is planning to consult over a compensation scheme, which could set the industry back anywhere from £9bn to £18bn, acknowledging that "it's hard to estimate precisely at this stage the total cost to industry of the scheme", but millions might stand to gain. The statement reassured those who have already lodged complaints that no further action is required on their part, while urging those who haven't to approach their car loan provider directly instead of engaging a claims management company. Nikhil Rathi, the FCA's chief executive, declared: "It is clear that some firms have broken the law and our rules. It's fair for their customers to be compensated." He continued: "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." The controversy surrounding car finance mis-selling dates back to 2021 when the FCA put an end to DCA deals that allowed dealers to earn commissions from lenders based on the interest rates charged to consumers. The FCA highlighted that such arrangements incentivised dealers to impose unnecessarily high-interest rates, resulting in overpayments by buyers. Since January, the FCA has been deliberating on whether to issue compensation to individuals who entered into these agreements prior to 2021. The regulator announced plans to launch a consultation in October to determine eligibility and compensation amounts, noting that a recent Supreme Court decision has provided "clarity" on the matter.
Time of India
5 days ago
- Business
- Time of India
Meghalaya cabinet approves reforms in building by-laws
SHILLONG : To improve ease of doing business, the Meghalaya Cabinet on Thursday approved amendments to the building bylaws 2025, enabling a simplified online building permission system to be operational from August 11. The Cabinet also cleared key reforms in the Meghalaya Civil Services (MCS) examination pattern and delegation of financial powers to the District Council Affairs (DCA) department. "Under the new bylaws, all applications for building permits must be submitted online," Chief Minister Conrad K Sangma , who chaired the meeting, said. He said, "For low-risk buildings - residential, commercial, and industrial - with a built-up area of 2,500 to 3,000 sq ft, a G+1 structure, and a maximum height of 7 metres, no technical approval from the Meghalaya Urban Development Authority (MUDA) will be required." Applicants can use empanelled architects or engineers and submit self-attested designs online. Construction can commence immediately after submission. For larger buildings up to 7,500 sq ft (G+2), empanelled third-party verification agencies and licensed architects and engineering firms registered with the government will assist in submitting verified designs for faster approvals, he said. In another major decision, the Cabinet approved the removal of optional subjects from the Meghalaya Civil Services competitive examination. Previously, candidates chose from 23 optional subjects, which led to an uneven playing field and administrative challenges. To ensure fairness and relevance, a new mandatory subject on Meghalaya, covering its history, culture and economy, will be introduced. The change aims to better prepare future civil servants while aligning with emerging national standards, he added. The Cabinet also amended the Delegation of Financial Power Rules, 2006, by delegating financial powers to the joint secretary of the DCA department. Since the DCA has no head of the department (HoD), the joint secretary will now function with HoD-level financial authority. The DCA will also act as the single nodal department for disbursing revenue shares to district councils, previously a fragmented process involving the transport, mining, and forest departments. Officials said the reforms will streamline the process, improve transparency, and ensure the timely flow of funds to autonomous district councils.
Time Business News
5 days ago
- Business
- Time Business News
DCA Bot Development Guide: Automate Your Long-Term Crypto Investment Strategy
The crypto market never stops for anyone; it changes every day, discloses new opportunities, and eliminates the existing ones. Over 80 per cent of crypto traders panic buy or sell. Remains? They're pretty smart and take the help of bots, like DCA! Strange? What is the DCA bot? So, it's basically a crypto trading bot that lets traders invest small amounts, stress-free, without fear of loss. This bot runs automatically and keeps users engaged, gains their trust, and improves long-term reservations. Once you have gained short but significant information about the DCA bot and are more likely to know in-depth information related to its development, keep scrolling through this comprehensive guide until the end. DCA, also known as a dollar cost averaging crypto trading bot, is software that automatically invests a set amount of money into a cryptocurrency at regular intervals. Instead of waiting for the right time to buy, this bot spreads out your investment over time, depending on the price. What will be the benefit of it? So, it reduces the risk of buying all at once when the price is high. Understand it with a simple example: Let's assume you want to invest $1000 in Bitcoin, but instead of buying it once, you use a DCA bot. Through this bot, your investment will be divided into multiple parts, and it will invest $100 every week for 10 weeks. However, if the price goes up or down during this period, it will not affect your investment, and the bot will buy $100 worth. Over this period, you will get an average price, which will not be the highest or lowest. Unlike all the bots, using the DCA bot is meaningful because it automates a proven investment strategy. Let's have a look at how developing DCA bots will help traders in managing an investment's average cost. The core benefit of these bots is that they remove the emotional aspect entirely, which leads to more impulsive decisions. By automating purchases, the bot ensures the investments are made frequently without fear or greed. DCA bots are primarily beneficial in volatile markets like cryptocurrency. This strategy is effective in both up and down markets by spreading the purchases and avoiding the risk of buying many assets. Another benefit of using this bot is higher returns. It is not guaranteed, but DCA bots typically purchase more units when prices are low, which leads to more profit. This strategy primarily benefits long-term investors who hold assets through market cycles. The DCA bots automate the investment process, leading to savings in time and effort for other activities. However, once set up, the bot will run and make potential purchases without human monitoring. After learning about DCA and its benefits, it is apparent to wonder how it works. Are you also curious to know? Don't worry, here is how it works: The bot starts by asking users to set specific details, such as How much do you want to invest each time? How often do you invest? Which cryptocurrencies to invest in? When to start and stop? With the help of the scheduler, the individual will be able to trigger their investment. Once the schedule is set, the bot will automatically check the time and start investing. For example, if the user sets the schedule for Friday at 11 PM, then both will follow the trend wisely. The bot is connected to a crypto exchange through secure application programming interfaces. This allows it: Check the user's wallet to ensure there is sufficient money. Determine the current market price of a particular crypto. Place the order using the set amount. This advanced feature allows users to choose to invest in more than one cryptocurrency. This bot ensures that users make investments in the right proportion. Each time the bot purchases, it records the complete details in a well-maintained order. Such as: How much was invested? What crypto was bought? What was the price at the time? Total portfolio value The bot helps the user to stay informed with every needful alert. Such as: Trade confirmation Providing a warning of funds Weekly and monthly performance This is how this advanced software works, but by using this bot, users will get the benefit of a better user experience, such as personalized investment settings, an innovative scheduling system, a portfolio rebalancing option, and real-time transactions. Overall, the crypto DCA trading bot provides an automated and well-controlled approach to cryptocurrency investment. By using these strategies, these bots help investors to trade and gain profit easily without worrying about loss. Further, if you're a long-term investor, then utilizing this bot is an excellent option for you. Moreover, if you're planning to build a cryptocurrency bot, you'll need to partner with a crypto trading bot development company. In this segment, you'll surely find multiple companies, but choosing Technoloader over them will definitely be a worthwhile experience. So, what are you waiting for? With top-notch services and an end-to-end solution, you'll be able to maximize your trading experience. TIME BUSINESS NEWS
Hindustan Times
6 days ago
- Business
- Hindustan Times
Meghalaya Cabinet approves reforms in building by-laws, MCS exams, DCA
Shillong, To improve ease of doing business, the Meghalaya Cabinet on Thursday approved amendments to the building bylaws 2025, enabling a simplified online building permission system to be operational from August 11. Meghalaya Cabinet approves reforms in building by-laws, MCS exams, DCA The Cabinet also cleared key reforms in the Meghalaya Civil Services examination pattern and delegation of financial powers to the District Council Affairs department. "Under the new bylaws, all applications for building permits must be submitted online," Chief Minister Conrad K Sangma, who chaired the meeting, said. He said, "For low-risk buildings — residential, commercial, and industrial — with a built-up area of 2,500 to 3,000 sq ft, a G 1 structure, and a maximum height of 7 metres, no technical approval from the Meghalaya Urban Development Authority will be required." Applicants can use empanelled architects or engineers and submit self-attested designs online. Construction can commence immediately after submission. For larger buildings up to 7,500 sq ft , empanelled third-party verification agencies and licensed architects and engineering firms registered with the government will assist in submitting verified designs for faster approvals, he said. In another major decision, the Cabinet approved the removal of optional subjects from the Meghalaya Civil Services competitive examination. Previously, candidates chose from 23 optional subjects, which led to an uneven playing field and administrative challenges. To ensure fairness and relevance, a new mandatory subject on Meghalaya, covering its history, culture and economy, will be introduced. The change aims to better prepare future civil servants while aligning with emerging national standards, he added. The Cabinet also amended the Delegation of Financial Power Rules, 2006, by delegating financial powers to the joint secretary of the DCA department. Since the DCA has no head of the department , the joint secretary will now function with HoD-level financial authority. The DCA will also act as the single nodal department for disbursing revenue shares to district councils, previously a fragmented process involving the transport, mining, and forest departments. Officials said the reforms will streamline the process, improve transparency, and ensure the timely flow of funds to autonomous district councils. This article was generated from an automated news agency feed without modifications to text.
News18
6 days ago
- Business
- News18
Meghalaya Cabinet approves reforms in building by-laws, MCS exams, DCA
Shillong, Aug 7 (PTI) To improve ease of doing business, the Meghalaya Cabinet on Thursday approved amendments to the building bylaws 2025, enabling a simplified online building permission system to be operational from August 11. The Cabinet also cleared key reforms in the Meghalaya Civil Services (MCS) examination pattern and delegation of financial powers to the District Council Affairs (DCA) department. 'Under the new bylaws, all applications for building permits must be submitted online," Chief Minister Conrad K Sangma, who chaired the meeting, said. He said, 'For low-risk buildings — residential, commercial, and industrial — with a built-up area of 2,500 to 3,000 sq ft, a G+1 structure, and a maximum height of 7 metres, no technical approval from the Meghalaya Urban Development Authority (MUDA) will be required." Applicants can use empanelled architects or engineers and submit self-attested designs online. Construction can commence immediately after submission. For larger buildings up to 7,500 sq ft (G+2), empanelled third-party verification agencies and licensed architects and engineering firms registered with the government will assist in submitting verified designs for faster approvals, he said. To ensure fairness and relevance, a new mandatory subject on Meghalaya, covering its history, culture and economy, will be introduced. The change aims to better prepare future civil servants while aligning with emerging national standards, he added. The Cabinet also amended the Delegation of Financial Power Rules, 2006, by delegating financial powers to the joint secretary of the DCA department. Since the DCA has no head of the department (HoD), the joint secretary will now function with HoD-level financial authority. The DCA will also act as the single nodal department for disbursing revenue shares to district councils, previously a fragmented process involving the transport, mining, and forest departments. Officials said the reforms will streamline the process, improve transparency, and ensure the timely flow of funds to autonomous district councils. PTI JOP MNB view comments First Published: August 07, 2025, 19:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
