UK car finance lenders trying to write their own rules, FCA says in court defense
( July 9, 2026, 10:56 GMT | Official Statement) -- MLex Summary: Car finance lenders are trying to set their own conditions for mis-selling redress payments, the UK's financial markets regulator has said in its defense to a legal challenge by the companies, including Credit Agricole and the finance arms of Volkswagen and Mercedes-Benz. They are disputing the Financial Conduct Authority's £9 billion redress scheme unveiled in March, saying it goes too far in assuming that customers whose commission terms weren't disclosed must be owed compensation. But in a court document published on Wednesday, the watchdog rebuffed their push to limit their liability and said their arguments amounted to a notion that lawmakers who set the rules had intended to "let the foxes guard the henhouse." The Upper Tribunal is due to hear the challenge in December or next February, depending on case management issues.Document attached....
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