UK car finance redress program 'likely' if widespread failings by firms identified
( March 11, 2025, 13:23 GMT | Official Statement) -- MLex Summary: The Financial Conduct Authority is "likely" to consult on a redress scheme for car finance customers if they lost out due to a widespread use of commission arrangements. The FCA banned discretionary commissions arrangements in 2021. A review is meant to identify whether a redress program is needed, and the FCA today said that the recent UK Court of Appeal ruling around all commission arrangements has made it more likely that "customers have lost out from widespread failings." The watchdog will wait for the Supreme Court to review the appeal court's ruling before making a final decision.Statement follows....
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