Car finance payouts could be delayed by years over legal challenges, says FCA
Overview
Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog
The City watchdog has warned that a wave of legal challenges to the compensation scheme for victims of the motor finance scandal could leave drivers waiting three more years for payouts, while piling £6bn of extra costs on to lenders.
Details
Bosses at the Financial Conduct Authority (FCA), who have consistently hit out at lenders and a consumer claims group for challenging its scheme, told MPs the scandal could affect lenders for years, and have “consequences” by stretching its resources.
Continue reading...Source
Originally published at www.theguardian.com.