A UK tribunal pauses parts of the Financial Conduct Authority (FCA) car finance compensation scheme after legal challenges by lenders and a consumer group, according to multiple outlets. The decision means affected lenders are no longer required—at least temporarily—to calculate and pay compensation to customers who may be owed money under the FCA programme while the matter proceeds through the tribunal process. The pause is described as partial, indicating that the tribunal’s order does not necessarily end the FCA scheme entirely, but instead suspends key payment and calculation steps. The dispute centres on whether the FCA’s approach for addressing car finance issues is being applied in a way that withstands the challenges brought before the tribunal. Further developments are expected as the legal process continues, with the ultimate outcome determining whether compensation obligations resume, are modified, or are set aside. Until then, eligible consumers may face delays in receiving payments tied to the scheme.
Tribunal pauses FCA car finance compensation scheme pending legal review
A UK tribunal pauses parts of the Financial Conduct Authority (FCA) car finance compensation scheme after legal challenges by lenders and a consumer group, according to multiple outlets. The decision...
- A tribunal pauses parts of the FCA’s UK car finance compensation scheme.
- The pause follows challenges brought by lenders and a consumer group.
- Lenders are no longer required to calculate and pay compensation under the scheme while the legal process continues.
- The suspension is described as partial rather than ending the FCA programme entirely.
- The scheme’s position depends on the outcome of the tribunal proceedings.
Lenders will no longer need to calculate or pay compensation to people owed money until a legal process concludes.
54 minutes agoLenders will no longer need to calculate or pay compensation to people owed money until a legal process concludes.
2 hours agoFCA programme partially suspended after challenges from lenders and consumer group
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