WEBVTT - Fallout From the UK Car Financing Commission Scandal 0:00:03.120 --> 0:00:11.240 Bloomberg Audio Studios, Podcasts, radio news. Hey it's Maren here. 0:00:11.560 --> 0:00:13.960 Just a reminder before we get started. I've launched a 0:00:14.000 --> 0:00:17.400 weekly Merin Talks Money newsletter. It is the place the 0:00:17.440 --> 0:00:19.840 only place to get your micro to macro thoughts on 0:00:19.920 --> 0:00:23.599 your money and your investments. It hits inboxes on Saturday 0:00:23.680 --> 0:00:27.080 mornings for Bloomberg subscribers only, So be sure to sign 0:00:27.120 --> 0:00:30.960 up at Bloomberg dot com slash Merrennewsletter or check out 0:00:30.960 --> 0:00:43.360 the link in the show notes below. Welcome to Meron 0:00:43.440 --> 0:00:46.640 Talks Your Money, the personal finance edision of Meron Talks Money. 0:00:46.680 --> 0:00:49.120 In these bonus podcasts, we talk about the best strategyde 0:00:49.159 --> 0:00:51.000 for making the most of your money. I'm Merrin su 0:00:51.080 --> 0:00:53.960 Stetweb and with me this week senior reporter Harry Wilson 0:00:54.000 --> 0:00:57.320 and reporter Eleanor Thornberg, replacing John Steppeck, who was away 0:00:57.360 --> 0:00:59.440 this week outrageously because I'd love to talk to him 0:00:59.440 --> 0:01:03.080 about this particular subject. We are talking this week about 0:01:03.320 --> 0:01:07.720 car commission payments. British car dealers very often don't just 0:01:08.040 --> 0:01:11.840 sell you cars, they arrange the loans that allow you 0:01:11.880 --> 0:01:15.880 to buy them. Historically, those loans have looked relatively competitive 0:01:15.920 --> 0:01:18.319 if you've gone in to buy a car, you've chosen 0:01:18.360 --> 0:01:20.680 your car, you've sat down with the dealer, he's offered 0:01:20.720 --> 0:01:23.600 you a loan, you've assumed it's a fixed price, you've 0:01:23.640 --> 0:01:26.120 taken it. What we're now learning, thanks to an FCO 0:01:26.160 --> 0:01:29.399 investigation which started in January, is that those prices were 0:01:29.520 --> 0:01:33.080 not fixed. They included hidden commissions about forty percent of 0:01:33.080 --> 0:01:36.679 the time, commissions that use the buyer knew nothing about, 0:01:36.880 --> 0:01:40.399 and it turns out that that is not legal. Carry 0:01:40.800 --> 0:01:41.800 tell us what's happened here. 0:01:42.240 --> 0:01:44.720 What you've got is a change in the UK car 0:01:44.800 --> 0:01:48.920 buying market over the last couple of decades, and out 0:01:49.000 --> 0:01:52.680 of recently. Essentially most people buy a car that're taking 0:01:52.680 --> 0:01:54.920 out some kind of financing. So the larger part of 0:01:54.960 --> 0:01:57.200 car for finance purchases these days are going to be 0:01:57.200 --> 0:01:59.760 with a thing called a personal contract. 0:01:59.280 --> 0:02:01.600 Plan, the ones right where you pay you pay a 0:02:01.640 --> 0:02:04.320 monthly fee or a monthly payment and then at the 0:02:04.400 --> 0:02:06.680 end there's a balloon payment and you can choose or 0:02:06.720 --> 0:02:08.520 not choose to pay that balloon payment and take full 0:02:08.560 --> 0:02:09.280 ownership of the car. 0:02:09.400 --> 0:02:12.640 Correct, So what you're doing with a PCP contract is 0:02:12.800 --> 0:02:16.440 paying the depreciation on the car effectively. So what you've 0:02:16.440 --> 0:02:19.000 got as agreement between you and the dealer to essentially 0:02:19.000 --> 0:02:21.360 finance the value of the car as it starts and 0:02:21.360 --> 0:02:23.280 what they reckon it will be at the end of it, 0:02:23.520 --> 0:02:26.520 and that then chops up into thirty six or monthly 0:02:26.560 --> 0:02:32.240 payments normally, So pretty uncontroversial. That's that's the way most 0:02:32.280 --> 0:02:34.960 people have been buying cars now for more probably more 0:02:35.000 --> 0:02:36.960 than a decade. And it's also the way that most 0:02:37.480 --> 0:02:40.680 car manufacturers car dealers make a lot of their money too, 0:02:40.720 --> 0:02:42.760 is they're not essentially selling your car, they're selling your 0:02:42.800 --> 0:02:44.920 financing product when you go in there. 0:02:45.200 --> 0:02:47.639 So what's a difference between that and higher purchase HP, 0:02:47.760 --> 0:02:49.639 because that's included as well, right, So. 0:02:49.639 --> 0:02:53.040 Higher purchase is more expensive in terms of your monthly payments, 0:02:53.200 --> 0:02:56.840 so you're a difference maybe several hundred pounds in what 0:02:56.880 --> 0:02:59.800 you have to page month. PCP is cheaper, but at 0:02:59.840 --> 0:03:01.680 the end of it, you will have a larger payment 0:03:01.760 --> 0:03:03.959 to buy the vehicle at the end, So high purchase 0:03:04.080 --> 0:03:06.200 is going to be a formality. PCP is probably going 0:03:06.280 --> 0:03:09.720 to be something in order of several thousand pounds to 0:03:10.040 --> 0:03:11.720 actually own the car at the end. And the reality 0:03:11.840 --> 0:03:13.720 is most people at the end of a PCP contract, 0:03:13.800 --> 0:03:16.640 probably won't actually buy the car. They'll roll over the deal. 0:03:17.040 --> 0:03:19.280 The car dealer will say that they've got something like 0:03:19.320 --> 0:03:21.679 equity in their car, so they'll then take out to 0:03:22.000 --> 0:03:24.320 buy a new car, take out a new PCP plan, 0:03:24.360 --> 0:03:27.360 and the sort of the cycle continue. 0:03:27.120 --> 0:03:29.720 Like maybe a mortgage been autor just paying for that duty. 0:03:29.919 --> 0:03:31.960 So you know, from your point of view as a customer, 0:03:32.120 --> 0:03:34.360 you see an interest rate, maybe it's four percent, five percent, 0:03:34.440 --> 0:03:37.560 looks kind of fine, you pay you maybe, I mean, 0:03:37.600 --> 0:03:39.440 this is this is in their years running up to 0:03:39.520 --> 0:03:42.120 twenty twenty one, is what we're talking about. These kind 0:03:42.160 --> 0:03:44.440 of deals were made illegal in twenty twenty one. So 0:03:44.720 --> 0:03:47.040 before that, you got off of a prize, you could 0:03:47.040 --> 0:03:49.120 afford the price, you paid the price, you've got the car. 0:03:49.600 --> 0:03:50.480 Where's the problem? 0:03:50.960 --> 0:03:53.000 You just essentially didn't know that some of the money, 0:03:53.040 --> 0:03:54.960 some of the payments that you were making were actually 0:03:54.960 --> 0:03:57.640 to the lenders benefit and not necessarily for the car 0:03:57.680 --> 0:04:00.280 that you're paying for. So the commissions are said actually 0:04:00.280 --> 0:04:03.240 created perverse incentives all the lenders themselves, which you weren't 0:04:03.280 --> 0:04:03.640 aware of. 0:04:03.880 --> 0:04:05.960 Yeah, the thing here is that the interest rate is 0:04:06.000 --> 0:04:09.080 effectively discretionary. Yeah, so it's called it a DCA discretion 0:04:09.200 --> 0:04:13.960 discretionary commission payment. So you could conceivably, if this car 0:04:14.000 --> 0:04:16.520 salesman wasn't in the way of your deal, you could 0:04:16.520 --> 0:04:18.320 possibly have got a rate of say two and a 0:04:18.360 --> 0:04:20.960 half percent or three percent. But because he's in the way, Yeah, 0:04:21.040 --> 0:04:23.320 adding his bit on told up, maybe you've paid five 0:04:23.400 --> 0:04:26.480 percent or six percent. And that's the problem. You didn't 0:04:26.520 --> 0:04:27.599 know what it was exactly. 0:04:27.680 --> 0:04:28.120 Okay. 0:04:28.440 --> 0:04:31.680 Now, when the FCA originally started to look at this, 0:04:32.360 --> 0:04:35.640 their main concern was exactly that was these commission payments, 0:04:35.760 --> 0:04:38.280 was the idea that there was a discretionary commission in 0:04:38.320 --> 0:04:40.359 there and people didn't know about it. But now the 0:04:40.400 --> 0:04:43.640 most recent court case, almost recent ruling has widened this 0:04:43.760 --> 0:04:46.599 out right to any kind of commission payment that you 0:04:46.800 --> 0:04:49.080 didn't know about. So there are other types of commission 0:04:49.120 --> 0:04:50.200 payment in here as well. 0:04:50.200 --> 0:04:52.840 Can you tell us, yes, a non discretionary which is 0:04:52.920 --> 0:04:55.279 kind of where the officer where the customer is told 0:04:55.279 --> 0:04:57.279 that there is going to be commissioned, or the payments 0:04:57.279 --> 0:04:59.360 that they make. But yeah, as you say, the court 0:04:59.360 --> 0:05:01.920 case kind of up so kind of any commission that 0:05:02.000 --> 0:05:04.839 is paid has now been made like unlawful behavior. 0:05:05.080 --> 0:05:07.720 So flat fee is paid by finance companies to the 0:05:07.960 --> 0:05:09.719 does bring all franks. 0:05:09.920 --> 0:05:12.320 Yeah, so if you're Barclays and you pay the commission 0:05:12.360 --> 0:05:15.559 to the lender, you are inherently involved because you've played 0:05:15.560 --> 0:05:17.760 a part in paying that commission, which is now illegal. 0:05:17.960 --> 0:05:19.839 Okay, So we'll come on to this being horrible for 0:05:19.880 --> 0:05:21.960 the banks because they must be signally going, oh lord, 0:05:21.960 --> 0:05:24.440 here we go again, because I remember the PPI scandal 0:05:24.480 --> 0:05:26.960 and the billions and billions they had to pay out then. 0:05:27.600 --> 0:05:30.599 But for a consumer now here you are, You've got 0:05:30.640 --> 0:05:32.960 your car, your car might even be paid off at 0:05:32.960 --> 0:05:35.359 this point, and suddenly somebody's saying to you, do you 0:05:35.400 --> 0:05:37.280 know what? You could get a pile of cash out 0:05:37.320 --> 0:05:38.760 of this. How do you go about doing that? 0:05:39.320 --> 0:05:41.160 Well, you'd have to make a claim by the Financial 0:05:41.160 --> 0:05:44.080 Oddmusman Service, And the kind of actions of the FAA 0:05:44.320 --> 0:05:46.680 are certainly encouraging off people to do that. As you say, 0:05:46.720 --> 0:05:48.680 they've opened up to not just kind of any kind 0:05:48.720 --> 0:05:51.400 of form of commission. So it actually be quite straightforward. 0:05:51.440 --> 0:05:53.479 I mean, it just depends on how many people decide 0:05:53.520 --> 0:05:55.080 to do that, I suppose, but it is quite a 0:05:55.080 --> 0:05:57.200 straightforward procedure. You just make a complaint and see how 0:05:57.240 --> 0:05:59.000 much money you're entitled to. I think it depends on 0:05:59.040 --> 0:06:00.800 where exactly you start to the car finance. 0:06:00.880 --> 0:06:02.160 Yeah, I'm the first thing to do is to find 0:06:02.160 --> 0:06:06.360 out whether you've actually had this discretionary commission in your deal, 0:06:06.400 --> 0:06:08.480 because obviously, because you won't talked about it exactly, you 0:06:08.520 --> 0:06:10.520 don't know if you've got it or not. So the 0:06:10.560 --> 0:06:13.520 first thing, presumably is to go to your car finance 0:06:13.560 --> 0:06:17.320 company and say is this in there? So you need 0:06:17.320 --> 0:06:19.360 to write a letter to them, and there are template 0:06:19.440 --> 0:06:22.560 letters you can use. Money Saving Expert has one, which 0:06:22.560 --> 0:06:24.800 has one, you can find others on the internet. So 0:06:24.800 --> 0:06:27.040 the first thing to do, I would guess, is to 0:06:27.360 --> 0:06:30.160 use it a template to find out whether you actually 0:06:30.520 --> 0:06:32.040 might be owed any money or not. And I think 0:06:32.080 --> 0:06:34.680 it's about forty percent of car finance deals did have 0:06:35.200 --> 0:06:39.440 this discretionary commission in it. So that's the first step, right, yes, 0:06:39.880 --> 0:06:40.839 And then then you. 0:06:40.880 --> 0:06:43.640 Wait, yes, wait and see with fingers crossed. 0:06:43.320 --> 0:06:44.960 And we know the timeframe. 0:06:45.080 --> 0:06:48.120 It's not clear as you say, it's a straightforward procedure, 0:06:48.160 --> 0:06:50.839 so it could suddenly amass all at once and that 0:06:50.920 --> 0:06:53.039 might clog things up. But if you know the banks 0:06:53.040 --> 0:06:54.839 on the lenders are expecting it, it may well not 0:06:54.880 --> 0:06:55.480 take long at all. 0:06:55.680 --> 0:06:58.719 Yeah, I'm I think that the period in which the 0:06:59.200 --> 0:07:01.800 banks or finances can respond has been taken out to 0:07:01.800 --> 0:07:03.600 the end of the next year. Yes, a lot of 0:07:03.600 --> 0:07:05.840 widens the window even more exactly, so you've got a 0:07:05.880 --> 0:07:07.360 long time to do it. But on the other hand, 0:07:07.360 --> 0:07:09.359 you might as well get started because we don't know 0:07:09.360 --> 0:07:11.200 how this this stuff is going to move. And I 0:07:11.200 --> 0:07:14.160 think the FCAS there are already twenty thousand complaints or 0:07:14.200 --> 0:07:18.480 so open, so there's a lot more complaints to come. 0:07:18.640 --> 0:07:21.440 And if there is this huge volume and they decided 0:07:21.480 --> 0:07:25.160 to go with both discretionary and a discretional interest in 0:07:25.200 --> 0:07:28.840 other types of commission, you're talking potentially hundreds and hundreds 0:07:28.840 --> 0:07:32.640 of thousands of claims. So, you know, exciting times for consumers. 0:07:32.840 --> 0:07:34.640 I mean, Harry, you probably remember, as I do, the 0:07:35.080 --> 0:07:37.600 PPI payments and it came out to the fifty billion 0:07:37.680 --> 0:07:40.720 or some was a genuine boost to the consumer economy, 0:07:40.960 --> 0:07:42.920 and they said there's anything that Rachel Rice could do 0:07:42.960 --> 0:07:44.840 with right now would be a fifty billion booth from 0:07:44.840 --> 0:07:46.440 the banks into the consumer economy. 0:07:47.160 --> 0:07:49.040 Yeah, I mean, it's crazy when you think back. I 0:07:49.040 --> 0:07:52.080 think it was around about twenty ten twenty eleven, one 0:07:52.120 --> 0:07:54.320 of the big US investment banks came out with its 0:07:54.360 --> 0:07:56.920 worst case scenario for PPI and it said something in 0:07:56.960 --> 0:07:59.480 a reader of about three point twenty five three point 0:07:59.520 --> 0:08:01.600 five billion pounds of claims was the worst case, and 0:08:01.640 --> 0:08:04.360 this was seen as crazy at the time. And some 0:08:04.400 --> 0:08:06.880 months after that Lloyd's actually made a three point five 0:08:06.920 --> 0:08:09.360 billion pound provision, which again was seen as way over 0:08:09.400 --> 0:08:11.080 the top. It's never going to need all that money. 0:08:11.120 --> 0:08:14.000 What was they doing? Well, when Lloyd's got to about 0:08:14.000 --> 0:08:16.160 thirty billion, I think most people realized that the three 0:08:16.160 --> 0:08:19.200 point five was, if anything, a massive underrestment. So the 0:08:19.280 --> 0:08:21.840 question for the industry really at the moment is are 0:08:21.880 --> 0:08:24.360 we looking at something here that could balloon into a 0:08:24.400 --> 0:08:27.640 PPI site situation? Are the numbers at the moment actually 0:08:27.680 --> 0:08:30.760 relatively small fry compared to what potentially could be paid 0:08:30.800 --> 0:08:31.160 out here? 0:08:31.200 --> 0:08:33.400 So Ragiraries must be you know, licking her lips. 0:08:33.640 --> 0:08:36.560 Well, yes, I mean there is some quite serious academic 0:08:36.920 --> 0:08:37.880 money going from the banks. 0:08:37.920 --> 0:08:38.120 Yeah. 0:08:38.120 --> 0:08:41.160 Well, this thing is that it is genuinely stimulative because 0:08:41.160 --> 0:08:43.719 this is relatively small amounts of money, you know, a 0:08:43.760 --> 0:08:45.920 few thousand pounds here, and it tends to be money 0:08:45.920 --> 0:08:47.559 that people aren't going to put into a saving scout. 0:08:47.600 --> 0:08:50.480 It's money that gets immediately recycled into economy. You know, 0:08:50.520 --> 0:08:52.560 people buy a new TV or something like that. So 0:08:52.840 --> 0:08:55.560 there could be a short term sugar rush if there is, 0:08:56.400 --> 0:08:58.840 you know, if this does turn into a mini or 0:08:58.880 --> 0:09:01.360 even a major PPI type situation. 0:09:01.559 --> 0:09:03.360 But there was a suggestion from Moodius the other day 0:09:03.400 --> 0:09:04.959 there will come out of the thirty billion US so, 0:09:05.000 --> 0:09:07.559 as you said, isn't it billion? That really is real money. 0:09:07.720 --> 0:09:09.959 And of course last time a lot of the PPI 0:09:10.040 --> 0:09:12.240 money was recycled into cars. Do you remember that. 0:09:12.320 --> 0:09:15.480 Yeah, yeah, so look out life comes with so it's possible, 0:09:15.640 --> 0:09:18.520 you know, this money goes straight back into the pockets 0:09:18.520 --> 0:09:22.200 of the car companies through people buying new cars. 0:09:22.520 --> 0:09:26.240 That like PPI. When it's a sort of mass redress system, right, 0:09:26.280 --> 0:09:29.559 everyone gets there's a fairly standard payment system. It's really 0:09:29.640 --> 0:09:31.520 very efficient way to get money into the pockets of 0:09:32.400 --> 0:09:34.000 ordinary people. It's like another people's Q. 0:09:34.840 --> 0:09:37.320 Quite. The only thing I suppose banks would question would 0:09:37.360 --> 0:09:39.480 be to say, well that's all great, but then that 0:09:39.520 --> 0:09:42.840 puts our cost of capital. We are seen as increasingly uninvestable. 0:09:43.120 --> 0:09:45.040 Therefore we need to now pass that on in terms 0:09:45.040 --> 0:09:46.960 of higher costs across the board in terms of all 0:09:47.000 --> 0:09:49.720 our products. So yes, everyone sees a or at least 0:09:49.720 --> 0:09:53.440 those who bought these products will get the money. What 0:09:53.480 --> 0:09:55.959 you might see though, over the time, is a gradual 0:09:56.000 --> 0:09:58.880 increase in the costs of a range of financial products, 0:09:58.880 --> 0:10:01.600 which generally it won't be good for anyone. But you 0:10:01.640 --> 0:10:04.480 know that's a longer term problem, and in the here 0:10:04.520 --> 0:10:06.079 and now, you know a few thousand pounds would be 0:10:06.160 --> 0:10:07.160 quite nice to a lot of people. 0:10:07.240 --> 0:10:08.880 Definitely, do you have any sense at all of it 0:10:08.920 --> 0:10:10.640 when you say a few thousand pounds of exactly how 0:10:10.640 --> 0:10:12.120 this might work. I mean, the only thing I've seen 0:10:12.160 --> 0:10:14.160 is one a couple of the rulings so far, it 0:10:14.200 --> 0:10:16.160 looks like there's about two percentage points in it in 0:10:16.200 --> 0:10:19.880 terms of the discretionary commission. And then the FS insisted 0:10:19.880 --> 0:10:22.000 on one of those cases that went through that the 0:10:22.040 --> 0:10:24.800 difference was paid back, but with an interest rate of 0:10:24.880 --> 0:10:26.360 eight percent on that gap. 0:10:26.640 --> 0:10:29.640 Yeah, so eight percentage is the standard rate that you 0:10:29.679 --> 0:10:32.760 often get applied in these types of cases. At the moment, 0:10:33.120 --> 0:10:34.880 it's all a bit up in the air because we've 0:10:34.920 --> 0:10:37.680 just had these court rulings. So everything is really hinting 0:10:37.720 --> 0:10:41.040 on now the appeals, and which is why the FCA 0:10:41.120 --> 0:10:43.760 itself has actually issued a notice to all of the 0:10:43.760 --> 0:10:46.360 different players in this, all the car finance companies, to 0:10:46.400 --> 0:10:49.800 say there's a moratorium and moments one claims pending the 0:10:50.040 --> 0:10:52.480 outcome of these legal cases. But after that, and I 0:10:52.520 --> 0:10:54.760 guess we're really waiting to see if the Supreme Court 0:10:54.800 --> 0:10:56.560 will take up the case. I think the expectation is 0:10:56.559 --> 0:10:58.800 the Supreme Court will take up the case and probably 0:10:58.800 --> 0:11:01.320 take it up pretty quickly, and then once we've got 0:11:01.360 --> 0:11:03.440 a ruling there, then you have a far better idea 0:11:03.480 --> 0:11:04.960 of how this is all going to play out and 0:11:04.960 --> 0:11:07.800 what people might reasonably expect. But obviously anyone telling it 0:11:08.120 --> 0:11:10.880 at the moment exactly what you can get can't be 0:11:10.880 --> 0:11:13.559 telling the truth because no one knows until the course of. 0:11:13.559 --> 0:11:16.640 Rule in this well, that takes us neatly to the 0:11:16.720 --> 0:11:18.240 assumption that there's going to be a big pal of 0:11:18.280 --> 0:11:20.160 scams around this in the same way that they were 0:11:20.200 --> 0:11:23.800 around PPI amoralty that will be totally legitimate claims companies 0:11:24.080 --> 0:11:27.200 that will be suggesting that they help you with your 0:11:27.240 --> 0:11:29.240 claim right eleanor that that's going to happen just like 0:11:29.240 --> 0:11:30.920 it did last time. Yes, in theory. 0:11:31.000 --> 0:11:33.200 Yes, when I was speaking to people about it last week, 0:11:33.280 --> 0:11:35.040 they were kind of saying you might also get lawyers 0:11:35.040 --> 0:11:36.680 who jump on it as well, the kind of ambulance 0:11:36.760 --> 0:11:39.920 chasers who will kind of make money and profit off 0:11:39.960 --> 0:11:41.800 of people being on search amount whether or not going 0:11:41.840 --> 0:11:43.000 to have a claim and if they can take it 0:11:43.040 --> 0:11:43.400 to court. 0:11:43.720 --> 0:11:45.280 So yeah, I'm sure there will be. Well, you can 0:11:45.320 --> 0:11:48.240 already see those on social media. They're already out there saying, 0:11:48.280 --> 0:11:50.719 you know, you can claim going back twenty years etc. 0:11:50.960 --> 0:11:53.439 On your car finance. But as we've discussed as a 0:11:53.480 --> 0:11:55.079 much easier way to do it, you don't have to 0:11:55.160 --> 0:11:57.040 use a claimed company. You simply use one of the 0:11:57.320 --> 0:12:00.920 template letters they are exelcted you very much. Look out 0:12:00.960 --> 0:12:03.440 for the difference between a legitimateclaims company, which again we 0:12:03.480 --> 0:12:06.079 don't suggest to use, and a scam. And if you 0:12:06.120 --> 0:12:08.480 do use a logist mcclaims company, you will find that 0:12:08.720 --> 0:12:11.000 you'll be giving part of your compensation away to them, 0:12:11.040 --> 0:12:13.480 which you don't really want to be doing either. No, 0:12:13.520 --> 0:12:14.000 definitely not. 0:12:14.040 --> 0:12:16.680 There's also an interesting question here for the car industry. 0:12:16.960 --> 0:12:19.720 There obviously the lights of VW aren't doing so well, 0:12:19.720 --> 0:12:23.439 at the moment factory closures. Now you see that potentially 0:12:23.520 --> 0:12:27.000 VW's own financing arm could obviously be among those companies 0:12:27.040 --> 0:12:29.760 are going to have to pay out compensation costs to 0:12:29.760 --> 0:12:34.120 people who've been sold these products over decades. So it's 0:12:34.160 --> 0:12:38.120 probably just another issue for the car manufacturers already struggling 0:12:38.120 --> 0:12:41.560 with evs, already struggling with cost of living crisis, all 0:12:41.559 --> 0:12:43.520 of these kind of things, and it's just another problem 0:12:43.520 --> 0:12:45.840 for them which is probably very unwelcome. 0:12:46.120 --> 0:12:48.320 Interestingly, there was an article on the newspaper the other day, 0:12:48.360 --> 0:12:50.280 and I can't remember who wrote it. I just noticed 0:12:50.320 --> 0:12:53.520 the headline and it said that the headline basically said 0:12:53.520 --> 0:12:56.679 you shouldn't be claiming compensation for this, don't be greedy, 0:12:56.840 --> 0:12:58.319 And I thought, well, that's not quite right, is it, 0:12:58.360 --> 0:13:01.800 because who's been greedy already? Well? Quiet, thank commission takeers. 0:13:01.960 --> 0:13:03.320 So I think the only thing that I would have 0:13:03.320 --> 0:13:06.040 to add that is that I can't think of another 0:13:06.120 --> 0:13:08.720 country anywhere. It must be only in the UK where 0:13:08.720 --> 0:13:11.720 a massive miss selling scandal is actually a positive, because 0:13:11.720 --> 0:13:14.600 in my health, our consumers out we will see, we 0:13:14.760 --> 0:13:22.839 will see. Thank you both very very much, indeed, thanks 0:13:22.840 --> 0:13:24.600 for listening to this week's Maren Talk to Your Money. 0:13:24.679 --> 0:13:27.000 If you like our show, rate review, and subscribe wherever 0:13:27.000 --> 0:13:28.960 you listen to podcasts. Also be sure to follow me 0:13:29.040 --> 0:13:31.520 and John on ex or Twitter. I am at Maren 0:13:31.559 --> 0:13:35.840 sw and John is John Underscore Stepping. This episode was 0:13:35.840 --> 0:13:38.760 produced by some Asidi production support and sound designed by 0:13:38.760 --> 0:13:41.839 Moses and Questions and comments on this show and all 0:13:41.880 --> 0:13:45.240 our shows are always welcome. Our show email is merin 0:13:45.360 --> 0:13:48.400 Money at Bloomberg dot net, and of course thank you 0:13:48.400 --> 0:13:50.920 to Harry and Elanov joining us today and giving us 0:13:50.920 --> 0:13:59.559 your insights. Very grateful for that. Want to listen to 0:13:59.640 --> 0:14:02.000 episode of Married Talks Money ad free? Become a Bloomberg 0:14:02.040 --> 0:14:05.040 dot com subscriber today. Check out our special intro offer 0:14:05.120 --> 0:14:08.240 right now at Bloomberg dot com Forward Flash Podcast Offer, 0:14:08.520 --> 0:14:10.600 or click the link in the show notes. You'll also 0:14:10.679 --> 0:14:14.440 unlock deep reporting data and analysis from reporters around the world. 0:14:14.720 --> 0:14:17.160 If you are already a Bloomberg dot com subscriber, connect 0:14:17.200 --> 0:14:20.200 your account within Apple Podcast to listen to this episode 0:14:20.440 --> 0:14:22.520 ad free.