FCA publishes considerations in implementing a possible motor finance consumer redress scheme

The Financial Conduct Authority (FCA) has outlined key considerations for implementing a potential redress scheme for consumers affected by mis-sold motor finance agreements, particularly those involving Discretionary Commission Arrangements (DCAs). These arrangements, banned in January 2021, meant that some brokers increased their commission by increasing interest rates without adequately informing customers.

For more detailed information, you can refer to the FCA’s official statement: Key considerations in implementing a possible motor finance consumer redress scheme.