The Financial Conduct Authority (FCA) is undergoing a period of active engagement with industry representatives to shape a consultation on a motor finance redress scheme. The redress consultation is due to run from October, with a scheme likely to be in place by early 2026.
It is expected that the FCA’s engagement will be widespread across multiple sectors, with the BVRLA set to represent member views as part of the activity. The BVRLA will also consider how best to represent members when the consultation formally launches later this year.
With the FCA describing itself as being in ‘listening mode’, inputs shared over the coming weeks may inform and influence the overall direction of the consultation, which will directly influence the terms of the resulting redress scheme.
Members can keep up to date with the situation via the Member Hub, or contact the team directly by emailing [email protected].
The FCA team can be contacted via [email protected].
