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Motor Finance – Preparing for the FCA Redress Scheme
Summary by Motor Trader
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Peers call for motor finance redress scheme to cover shorter period
House of Lords peers have written to the Financial Conduct Authority (FCA) questioning its decision to go back to 2007 for a potential motor finance redress scheme. In a letter to FCA CEO Nikhil Rathi, chairman of the Financial Services Regulation Committee, chairman of the Rt Hon. the Lord Forsyth of Drumlean PC Kt, said a better way would be to adopt the timing of the Consumer Credit Act which has a six-year limit. “Given that the basis of the…
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