The FCA has put out another notice to law firms and CMCs acting for consumers who may be due redress for motor finance agreements they entered into.
The FCA stresses that it has no vested interest in setting up the redress scheme and wants fair compensation to get to consumers as quickly as possible. It says that firms involved in the rumoured challenge to the scheme which also has clients making claims under it should consider carefully their and their clients’ positions and at the very least tell their clients that they are involved in a challenge that is likely to delay compensation for clients. It also suggests they give the client the chance to exit any agreement they may have signed with the CMC and consider waiving any fees.
It reminds that millions of the agreements it has identified as being eligible for compensation did not involve the particularly serious misconduct.