FCA update on legal challenges to motor finance compensation scheme
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Financial services: Regulation tomorrow
LexBlogFCA update on legal challenges to motor finance compensation scheme
On 8 May 2026, the Financial Conduct Authority (FCA) published a new webpage setting out further advice for firms and consumers in light of the legal challenges to its motor finance compensation scheme.Among other things the FCA states that firms should continue to prepare for the scheme until the regulator communicates otherwise. It adds that work that can be done now and would likely be needed in all scenarios includes: Identifying relevant co…
FCA's prepares for compensation scheme legal challenge - Credit Connect
The Financial Conduct Authority (FCA) is preparing for potential legal challenges regarding the motor finance scheme. It has received four legal challenges from lenders, including Volkswagen Financial Services and Mercedes-Benz Financial Services. The FCA says that its priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance market. Lenders are also concerned about the conduct of claim…
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