Millions of drivers face delays to receive £829 as FCA suspends car finance compensation scheme

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Millions of drivers face delays to receive £829 as FCA suspends car finance compensation scheme.

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The Financial Conduct Authority has announced a partial suspension of the car finance redress scheme, which will leave drivers waiting even longer to receive compensation.Legal challenges have been mounted against the FCA from four commercial parties, including Consumer Voice, represented by Courmacs Legal, Volkswagen Financial Services, Mercedes-Benz Financial Services, and Crédit Agricole Auto Finance.The Upper Tribunal has ruled that it will hear the challenges to the motor finance scheme in December this year and February 2027, which will delay compensation for drivers.It was confirmed last year that 12.1 million agreements are eligible for compensation, at a cost of £9.1billion, with the average agreement set to receive £829.

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TRENDING Stories Videos Your Say The FCA originally planned for drivers to start receiving compensation later this year, with a target of early 2028 to have the majority of compensation payments made.The final dates will depend on whether those involved in...

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