FCA May Launch Motor Finance Redress Scheme Amid Widespread Issues
2025-03-11
Evening Standard
The Financial Conduct Authority (FCA) has announced that it may launch a consultation on a motor finance redress scheme if widespread failings are found. In such a case, firms would be required to provide 'appropriate compensation' to affected customers, ensuring they receive fair treatment. This move aims to regulate the motor finance industry and protect consumers from unfair practices, promoting transparency and accountability. With the FCA's focus on consumer protection, a redress scheme could bring relief to many. The authority's decision will be influenced by the severity of the issues found, with a consultation likely to follow if necessary.
