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Consumer Voice Challenges FCA £9.1bn Motor Finance Compensation Scheme

Consumer Voice has announced plans to file papers with the Upper Tribunal on Friday seeking judicial review of the FCA's £9.1bn motor finance compensation scheme, arguing the regulator took too narrow an approach to calculating consumer losses. The group estimates 4.7 million mis-sold agreements will not be included in the scheme despite covering 12.1 million agreements total. The FCA said its scheme is 'the quickest, fairest way to compensate consumers' and that delaying payouts would be counterproductive. The legal challenge may delay compensation payments due to begin this summer averaging £829 per person.

Priority review Notice Consumer Finance

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