FCA faces four lawsuits over £9.1bn compensation scheme for car loan victims
Key takeaways
- Prefer the Guardian on GoogleThe UK financial watchdog is facing four legal challenges against its £9.1bn compensation scheme for victims of the motor finance scandal.
- The Financial Conduct Authority (FCA) said that it will defend the scheme “robustly” as the “fastest, simplest route for consumers and the most efficient way for firms to put things right”.
- The FCA confirmed the Guardian’s report of a legal challenge from the consumer group Consumer Voice, which claims that the scheme massively short-changes victims, which is represented by Courmacs Legal.
Why this matters: a developing story that could shape the day's news cycle.
The FCA issued the final terms of the £9.1bn motor finance compensation scheme in March Photograph: Murdo Mac Leod/The Guardian View image in fullscreen The FCA issued the final terms of the £9.1bn motor finance compensation scheme in March Photograph: Murdo Mac Leod/The Guardian Motor finance FCA faces four lawsuits over £9.1bn compensation scheme for car loan victims Watchdog says legal challenges from Consumer Voice and three lenders ‘create fresh uncertainty for millions of consumers’
Prefer the Guardian on GoogleThe UK financial watchdog is facing four legal challenges against its £9.1bn compensation scheme for victims of the motor finance scandal.
The Financial Conduct Authority (FCA) said that it will defend the scheme “robustly” as the “fastest, simplest route for consumers and the most efficient way for firms to put things right”.