Emma RadmoreThe Upper Tribunal has made an order that suspends parts of the FCA’s motor finance redress scheme. It is to hear the legal challenges to the scheme in either mid December 2026 or mid February 2027 – it...
Category - Asset & Motor Finance
FCA confirms engagement with MVF scheme challengers and Tribunal
The 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...
Laura WilesFCA clarifies redress scheme details
The FCA has updated its website with a document giving more detail on several aspects of the motor finance commission redress scheme. The document runs to 20 pages and covers: the scope of the scheme, including the...
FCA responds to Treasury Committee on MVF scheme
The FCA has published a letter on the motor finance compensation scheme, responding to the Treasury Committee’s request that it provide an update on the consequences of the legal challenges scheme. In terms of...
Stephen WilsonFCA warns on car finance “money tips”
The FCA has warned consumers about “money tips” ads for car finance that CMCs and law firms have been posting on social media. It says these ads are often disguised as apparent independent advice from an...
FCA updates on motor redress scheme – implementation plans still due by 12 May
The FCA has issued its promised update on the status of the motor finance commission redress scheme. It doesn’t know when the case for the challenge to the scheme will be heard, but it is unlikely this will be...
FCA will “robustly” defend motor finance scheme
Further to a statement expressing its disappointment over certain responses to its motor finance redress scheme earlier this week, the FCA has published details of its approach to the proposed challenges. The regulator...
FLA not challenging redress scheme
The FLA has confirmed it will not be challenging the FCA’s motor finance commission redress scheme. It says that, while it still has concerns about the scheme, it recognises that the most important thing is that...
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...
FCA tightens eligibility requirements in final motor finance compensation scheme
The FCA has published a policy statement setting out of the terms of its motor finance redress scheme. The consultation received over 1,000 responses, with conflicting feedback as to the FCA’s proposals. The core...
Regulators launch taskforce to address poor practice in motor finance claims handling
The FCA has joined forces with the Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) to create a taskforce for tackling poor practice in motor...
FCA updates on motor finance compensation scheme decision timings
The FCA has confirmed that it is still considering the responses it received to its consultation on a motor finance compensation scheme. It says that if it proceeds with the scheme, it will make changes from what it...
Consumer Panel urges FCA to limit delay on complaints handling and reconsider deadline for FOS referrals
The Financial Services Consumer Panel has urged the FCA not to extend the pause on motor vehicle finance complaints beyond the currently proposed 31 July 2026. The Panel considers that an extension to the pause for some...
APPG on Fair Banking criticises FCA’s proposed MVF redress scheme
The All-Party Parliamentary Group (APPG) on Fair Banking has published a report on the motor finance commission saga and the FCA’s proposed redress scheme, exploring whether the framework adequately compensates...
FCA sets out key considerations for motor finance redress scheme
Although the FCA has not formally decided whether it will introduce a redress scheme in respect of motor finance commission arrangements, it has set out the key things it will need to consider if it were to do so. It...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
Court of Appeal rules motor finance commission cases can be dealt with using omnibus claim forms
The Court of Appeal (CoA) in Angel & Ors v Black Horse Ltd [2025] EWHC 490 (KB) has overturned the case management decision taken at first instance that the eight claim forms covering 5,800 claimants could not be...
Clydesdale/FOS appeal to be heard by December
The Civil Appeals case tracker shows that the appeal relating to judicial review of the FOS decision on DCAs is to be heard “by 8 December 2025”. As a reminder, the appeals in relation to the court cases on...
Motor finance commissions and lender liability: the story so far
Amid reports that now HM Treasury is seeking to intervene in the Supreme Court case, read our article summarising what’s happened so far…..
FCA Chief Executive responds to House of Lords motor finance commission questions
In a letter dated 17 January 2025, Nikhil Rathi (Chief Executive of the FCA) responded in detail to questions raised by the Rt. Hon Lord Forsyth of Drumlean in his capacity as Chair of the Financial Services Regulation...
FCA to extend DCA complaint “pause” period
The FCA plans to extend the “pause” to the time firms have to respond to complaints about motor finance involving discretionary commission arrangements., to 4 December 2025. It says it has taken longer than...
FOS publishes plans and budget for next phase
The FOS has published its finalised Plans and Budget for the next phase of its transformation. It expects to receive a greater number of complaints in the coming year, and anticipates 210,000 complaints in its caseload...
FLA launches accreditation service
FLA’s new Broker Accreditation (Asset Finance) Service will help brokers show they are compliant with FLA’s Business Finance Code and their regulatory obligations. It also says the accreditation, which...
PRA’s observations post-administration of the Arena Holdings Group of companies
Following the administration of Arena Holdings Group of companies, the PRA asked banks to provide details of lessons learnt from that event. The PRA has conducted a cross-firm review of banks’ lessons learnt and...
Harshil PatelFCA confirms cessation of 1 and 6 month synthetic sterling LIBOR at end-March 2023
FCA required IBA to continue its publication of 1-, 3- and 6-month sterling and yen LIBOR settings for an additional year after end-2021. Following FCA’s consultation earlier this year, the majority of respondents...
FOS publishes latest complaints data
FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...
FIN. TeamCoronavirus: Draft relief for Motor Finance Customers
The FCA published draft relief measures for customers with motor finance agreements today. It is looking for feedback on the measures to be sent to [email protected] by 5pm on Monday 20 April. Who does the...
FCA consults on motor finance commission bans
FCA is consulting on changes to its rules that would ban the way in which car retailers and other motor finance brokers receive commission. It is concerned at practices that link commission to the interest rate...
FCA writes to P2P platforms on wind-down plans
FCA has written a Dear CEO letter to loan-based P2P crowdfunding platforms asking them to review their wind-down arrangements. It has recently carried out a sampling exercise which it says strongly suggests that some...
Emma Radmore