Laura WilesThe FCA has updated its information page for firms on motor finance complaints in order to clarify uncertainties around requirements under the compensation scheme in light of ongoing legal proceedings against it.
The FCA has confirmed that it is engaging with the Tribunal and challengers of the scheme on the possibility of suspending some elements of it. However, firms should continue to carry out work that can be done now and will be necessary in all circumstances.
It is taking a pragmatic approach and is not requiring firms to communication with customers or make payments as required by the scheme timetable for now, and will also not enforce the requirements around monthly reporting.