Financial Penalties and Compensation
Volkswagen Finance faces a £5.4m fine and must pay £21.5m in compensation to 110,000 affected customers for failing to support those in financial difficulty.
The FCA reduced Volkswagen Finance's fine by 30% due to its cooperation in resolving the issues, acknowledging the company's efforts to improve service.
Customer Treatment and Fallout
The FCA's investigation revealed Volkswagen Finance's lack of empathy and poor handling of vulnerable customers, including confiscating cars without considering alternatives.
Customers shared harrowing experiences, such as a suicide attempt and a misleading repossession fee, highlighting the firm's disregard for personal circumstances.