FCA redress scheme set for further delays
The National Franchised Dealers Association (NFDA) has said that expected delays to the FCA redress scheme are disappointing.
The scheme has been developed to support customers seeking payouts for being mis-sold car finance.
It estimates that more than 12 million drivers will receive compensation of about £829. Payouts were meant to begin later this year, but the FCA has now said they are likely to be delayed until 2027 due to ongoing legal challenges.
Sue Robinson, chief executive of NFDA, said: “It is disappointing that the process continues to face delays. Consumers and businesses alike have been waiting a long time for certainty and it is important that a fair and proportionate outcome is reached as quickly as possible.
“The sector needs clarity so that all parties can move forward with confidence.”
