FCA updates firm guidance on motor finance redress scheme

The FCA has updated its guidance page that sets out key dates and checklists for firms within scope of the motor finance redress scheme.

The page:

• notes the end of the implementation period for the 2 schemes;
• reminds firms that by 23 April they must report the details of the accountable senior manager and whether they will use the implementation period (or start sooner);
• requires firms to report by 12 May (or sooner if they choose to start before the end of the implementation period) on at least the Scheme Implementation Plan, the 6-week scheme forecast and the Senior Manager Attestation;
• advises firms that they must give at least 15 days’ notice of intention to start communications before the end of the implementation period and provide the required documentation at that point;
• highlights what firms should report as a SUP 15 matter if they might impact on a firm’s ability to deliver the scheme;
• lists the communications firms will need to make to customers;
• explains how firms should work together where relevant;
• reminds firms of the need to assess that they will have adequate financial resources to carry out the review;
• says the FCA is paying particular attention to applications for authorisation, changes in control and cancellations to ensure firms and individuals are not trying to avoid potential liabilities;
• notes how firms should deal with cases involving multiple professional representatives; and
• newly, explains that firms with more than one SMF only need to have one nominated to oversee the scheme, but if they choose to have more than one, they must submit to the FCA the details of the most senior and then email the FCA with details of the additional manager and give reasons for nominating more than one.