Treasury sought to cap motor finance payouts, court filings claim

FCA accused of 'taking over £1billion from car finance victims' pockets' amid compensation delay

The UK's financial regulator has been accused of rushing the car finance scandal redress scheme, as millions of drivers continue to wait for compensation.The Financial Conduct Authority confirmed in July that it would be partially suspending the car finance compensation scheme as it faced legal challenges.In response to the Upper Tribunal confirming that it would hear legal challenges to the motor finance scheme from Consumer Voice, Volkswagen F…

FCA accused of prioritising lenders over consumers in car finance redress scheme

In new court filings, the FCA is accused of making decisions partly led by a desire to limit the financial strain to lenders.

Treasury sought to cap motor finance payouts, court filings claim

The government sought to cap payouts in the motor finance scandal at a level lenders could absorb and the City regulator acted “unlawfully” in failing to protect consumers, new court filings seen by City AM allege. Both the Treasury and Financial Conduct Authority (FCA) are facing fresh scrutiny over the motor finance redress scheme as [...]

FCA boss accused of threatening consumer group over £9.1bn car loan scheme – reports

FCA CEO Nikhil Rathi has been accused of threatening a consumer group with “adverse consequences” if it rejected a £9.1bn compensation scheme established to settle the motor finance scandal that saw drivers overcharged due to lenders paying commission to car dealerships between 2007 and 2024. Consumer Voice (CV) has said the scheme is short-changing consumers to save the lenders from big bills and has submitted a legal challenge. The threat by…

FCA accused of putting lenders ahead of consumers in £9.1bn motor finance compensation scheme - London Business News

Britain’s financial regulator is facing a legal challenge over its £9.1 billion motor finance compensation scheme, after a consumer rights group accused the watchdog of prioritising the cost to lenders… The post FCA accused of putting lenders ahead of consumers in £9.1bn motor finance compensation scheme appeared first on London Business News