A recent wave of claims directed at car finance companies has underscored the dissatisfaction among UK motorists, particularly following a Financial Conduct Authority (FCA) investigation into practices such as hire purchase and personal contract purchase plans. These investigations were motivated by concerns over excessive interest rates possibly levied by these financial agreements.

The cities with the highest incidences of claims are:

• London
• Manchester
• Glasgow
• Liverpool
• Birmingham
• Sheffield
• Leicester
• Leeds
• Nottingham
• Bristol

With London seeing the most significant number of complaints, the primary issue revolves around allegations of excessive interest charges, which could have financially impacted thousands of consumers.

The results of the FCA’s investigation have heightened consumer awareness about their rights and underscored the need for transparency in financial contracts. Many motorists are now reassessing their agreements and challenging charges they believe to be unfair.

As this issue continues to develop, the FCA remains vigilant in ensuring that finance companies adhere to UK financial regulations. Consumers who feel they have been unfairly charged are encouraged to file a claim.

Those unsure about the validity of their financial arrangements or the steps to take in filing a claim should consider consulting with financial advisors or consumer rights organizations.

This situation not only affects individuals but also establishes important standards for the conduct within the UK car finance industry, emphasizing the need for companies to operate ethically and for consumers to be proactive in their financial dealings.

Charles Thompson, director at Get My Claim, stated: “Many people across the UK are now challenging unclear and unfair car finance deals after the FCA’s investigation. This shows a real need for simple and fair pricing in car financing. At Get My Claim, we help drivers understand their financial agreements and support them in claiming back any extra charges they shouldn’t have paid.

“We encourage everyone who thinks they might have been overcharged to check their contracts and think about making a claim. It’s not just about getting back what belongs to you; it’s also about making sure car finance companies are fair and honest.”

For eligibility details for a refund, please visit Get My Claim.

Developed with cutting-edge GPUs and bespoke datasets, the Commencis LLM offers unparalleled Turkish language capabilities and customisation potential for the financial sector. The model is scalable across several domains, including aviation, insurance, and telecommunications. It is engineered to enhance user experience and operational efficiency, adhering to the most stringent security standards, and offers on-prem installations for outstanding data privacy.

A trailblazer in digital transformation technology, Commencis has launched a Turkish-specific large language model (LLM) designed for the banking and financial services industries. Trained with custom datasets that cater specifically to these sectors, the model is engineered to automate customer service, facilitate content generation, and perform data analysis for users and clients.

Commencis LLM was developed using sector-specific needs and customizable data sets and has the capability to improve user experience in critical functions such as live support and data analysis. The model’s versatility allows it to be customized and adapted across other sectors including aviation, insurance, and telecommunications, in addition to banking and finance. Developed to the highest privacy and security standards, the Language Model comes with an on-prem installation option, allowing companies to use Commencis LLM with full security within their own infrastructure.

Language model with highly advanced Turkish language skills

Commencis LLM is the product of extensive research and data production and training activities on language models such as Llama 2, Mistral, Zephyr, and OpenChat 3.5. During its development, the Commencis engineering team executed extensive optimization on Amazon Web Services’ high-performance GPUs (graphics processing units) over three months. As a result, a language model with highly advanced Turkish language skills emerged, capable of supporting an AI based chat assistant that can respond to user requests and handle question-answer capabilities in various fields, particularly in banking and finance.

Firat Isbecer, Co-founder and CEO of Commencis, said, “With over 20 years of experience in the industry, we have collaborated with leading banks and financial services providers to create some outstanding digital success stories.” 

Reducing costs for financial services providers

“Commencis LLM is designed to bring its depth of understanding and interaction capabilities to bear on providing a better customer experience and to increase the speed of problem-solving in financial services. This will help both reduce costs and improve the quality of current digital services offerings at banks. Looking ahead, our focus will be on helping our clients increase customer loyalty and on providing them with a competitive advantage through hyper-personalization and rapid response technologies,” Isbecer added.

Commencis is a leading provider of the latest technologies in digital banking products, payment, identity verification, and end-to-end customer experience solutions in the financial services industry. The use of artificial intelligence will enable companies to gain a better understanding of customer behaviors, enable the offering of more personalized services, further automate transaction processes, and enhance security measures.