Motor finance lenders brace for legal battles amid redress spat

cityam12-15

Motor finance lenders could be gearing up for another legal battle. Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails ...

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Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails ...</p>\n\n<a href=\"https://www.cityam.com/motor-finance-lenders-brace-for-legal-battles-amid-redress-spat/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FCA","symbol_name":"First Trust China AlphaDEX Fund","start_time":0,"source_url":"https://www.cityam.com/motor-finance-lenders-brace-for-legal-battles-amid-redress-spat/","article_id":"2591499486","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/10/1007-Sold-car-sale-forecout-11.jpeg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/motor-finance-lenders-brace-for-legal-battles-amid-redress-spat/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2591499486","pubTimestamp":1765801630,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Motor finance lenders could be gearing up for another legal battle. Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails to “genuinely compensate” consumers.  Britain’s top banks were thought to have been granted some reprieve earlier this year after the Supreme Court sided with upheld the appeals of two lenders in the landmark car finance scandal.But the second half of the year brought a series of sharp turns in the saga, with the Financial Conduct Authority’s  redress scheme sparking backlash.The watchdog was forced to extend the consultation on its motor finance scheme after a number of banks hiked their provisions and took a swing at the regulator for a “disproportionate” scheme.Meanwhile there was equal backlash on the consumer front, with the All-Party Parliamentary Group  on Fair Banking blasting theCity watchdogfor a “4.4bn billion gap” in the proposedscheme.Stay ahead with our three daily briefings d","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FCA":"First Trust China AlphaDEX Fund"},"translate_title":"汽车金融贷款机构在赔偿纠纷中准备好法律诉讼","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1},"content_text":"Motor finance lenders could be gearing up for another legal battle. Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails to “genuinely compensate” consumers.  Britain’s top banks were thought to have been granted some reprieve earlier this year after the Supreme Court sided with upheld the appeals of two lenders in the landmark car finance scandal.But the second half of the year brought a series of sharp turns in the saga, with the Financial Conduct Authority’s (FCA) redress scheme sparking backlash.The watchdog was forced to extend the consultation on its motor finance scheme after a number of banks hiked their provisions and took a swing at the regulator for a “disproportionate” scheme.\n\nMeanwhile there was equal backlash on the consumer front, with the All-Party Parliamentary Group (APPG) on Fair Banking blasting the City watchdog for a “£4.4bn billion gap” in the proposed scheme. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFresh data has also revealed consumers are ready to take the row back to the courts if they are unhappy with the final details of the redress scheme, which are expected to be released in early 2026.Only one per cent of consumers ruled out going to court, while one in five said they would lodge a legal claim for any amount above the FCA scheme level, if it proves insufficient.Nearly 50 per cent said they would require at least £2,000 more than the £700 per agreement originally proposed by the watchdog.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2591499486","isCrawlerRequest":true}