FLA responds to FCA’s Section 404 motor finance redress scheme

The Finance & Leasing Association (FLA) has responded to the UK Financial Conduct Authority’s (FCA) consultation on the Section 404 motor finance redress scheme. Announced in October, the FCA’s proposal would allow for compensation payments related to an estimated 14 million motor finance agreements identified as unfair. These payments could begin as soon as next year. While FLA-affiliated lenders support a credible redress process for affected customers, concerns remain that the current proposal does ...