redress scheme

Consumer Group to Sue FCA Over £9.1bn Car Loan Compensation Scheme

Consumer Voice is preparing to challenge the FCA in court over its £9.1bn compensation scheme for victims of the UK car loan scandal, arguing the average £830 payout per victim is too low. The group, partnering with Courmacs Legal, claims the regulator gave excessive weight to banks' concerns over compensation size rather than consumer protection. If filed before the April 27 deadline, it would be the first time a consumer group challenges the FCA over a compensation scheme in UK courts, potentially delaying summer payouts to millions of drivers.

Carmakers scramble to plug £3bn shortfall for UK loan scandal payouts

Filings suggest manufacturers’ lending arms have massively underestimated bill from FCA’s £9.1bn redress schemeCarmakers are under pressure to drum up £3bn to cover payouts for motor finance scandal victims after failing to adequately prepare for a UK-wide compensation scheme that is due to begin this summer.Company filings show the lending arms of big vehicle manufacturers including Ford, BMW, Stellantis and Volkswagen may have massively underestimated the final costs of the financial regulator’s £9.1bn redress scheme. Continue reading...

<a href="https://news.sky.com/story/mark-kleinman-blog-see-the-latest-stories-from-sky-news-city-editor-13475361">Motor finance firm Blue on brink of collapse after launch of &#163;9bn FCA redress scheme | Mark Kleinman blog</a>

<a href="https://news.sky.com/story/mark-kleinman-blog-see-the-latest-stories-from-sky-news-city-editor-13475361">Barclays reverses away from legal challenge to FCA's &#163;9bn car finance redress scheme</a>