FCA work on motor finance redress scheme to be scrutinised by MPs
The Financial Conduct Authority (FCA) will face questions on its work on a motor finance redress scheme from the Treasury Select Committee on Tuesday 9 September.
This follows the Supreme Court judgment on cases involving motor finance commissions in August, and the FCA’s subsequent announcement that it will consult on a redress scheme for affected consumers.
As the FCA gears up to launch its formal consultation later this year, MPs will seek to clarify what consumers should and should not do right now in the wake of the Supreme Court’s decision.
Members are also likely to explore the key issues the FCA is grappling with on the redress scheme and how it fits in with wider consumer redress reform. The impacts on motor finance industry and the role to be played by the claims management industry may also be considered.
Time permitting, the session may end with other topical questions for the FCA.