FCA Prepared to Tweak Car Loan Compensation Scheme After Pushback, Boss Says

FCA prepared to tweak car loan compensation scheme after pushback, boss says

The Financial Conduct Authority’s consultation on its proposed motor finance redress scheme closed last week, with more than 1,000 responses.

Motor finance lenders brace for legal battles amid redress spat

Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails to “genuinely compensate” consumers. Britain’s top banks were thought to have been granted some reprieve earlier this year after the Supreme Court sided with upheld the appeals of two lenders in the landmark car finance scandal. But the second half of the year brought a series of sharp turns in the saga, with the Fin…

FLA urges FCA to revise motor finance redress proposals

The FLA has warned that the FCA’s proposed motor finance redress scheme cannot meet its stated aims and is calling for a more targeted and workable approach.

FLA submits consultation response on FCA motor finance redress scheme

The Finance & Leasing Association (FLA) submitted its response to the Financial Conduct Authority’s (FCA) consultation on a proposed Motor Finance Consumer Redress Scheme. The FLA warns that the scheme as drafted ‘cannot deliver the fairness, simplicity, finality, efficiency or certainty the FCA set out as its own guiding principles.’ Shanika Amarasekara, CEO of the FLA, said: “Our submission is the product of extensive analysis by industry prac…

FLA calls for a workable solution to motor finance redress scheme - Credit Connect

The Finance & Leasing Association (FLA) has submitted its response to the Financial Conduct Authority’s (FCA) consultation on a proposed Section 404 Motor Finance Consumer Redress Scheme. While lenders fully support a robust and credible redress programme for customers who have suffered loss, the FLA warns that the scheme as drafted cannot deliver the fairness, simplicity, finality, efficiency or certainty the FCA set out as its own guiding prin…