News

BMW has increased its provision for UK motor finance claims from approximately £206 million to £611.6 million, signalling a substantial reassessment of its expected exposure under the Financial Conduct Authority’s consumer redress scheme. In accounting terms,…

The Financial Conduct Authority’s £9.1 billion motor finance redress scheme is facing renewed scrutiny after a consumer group alleged in court filings that the regulator placed the financial interests of lenders ahead of adequate compensation…

Lloyds Banking Group has agreed to compensate eligible motor finance customers, with potential awards averaging £829 per qualifying agreement, according to a report published by The Express on 1 August 2026. The newspaper’s headline presents the…

The FCA’s motor finance compensation scheme has hit another delay. On 2 July 2026, the regulator confirmed that the Upper Tribunal had suspended parts of the programme while legal challenges are heard. The suspension follows…

On 20 May 2026, Dame Meg Hillier MP, Chair of the House of Commons Treasury Committee, wrote to the Financial Conduct Authority seeking clarification on several aspects of the proposed motor finance redress scheme. Her…

Banking group Close Brothers has increased its total provision for the motor finance mis-selling scandal to £320 million, after setting aside a further £30 million in its latest quarterly update. The figure reflects the growing…

The Financial Conduct Authority is facing one of the biggest consumer compensation battles in modern British financial history. What began as a large-scale effort to compensate drivers who paid inflated interest rates on car finance…

A consumer group has announced its intention to challenge the Financial Conduct Authority's motor finance redress scheme, arguing that millions of drivers stand to receive less compensation than they are owed. The move introduces fresh…

Britain's financial regulator has today confirmed the details of a formal redress scheme to compensate motor finance customers who were treated unfairly by lenders. Published on 30 March 2026, the announcement brings to a close…

The UK’s financial regulator has taken another step towards launching a redress scheme for motorists affected by unfair commission practices in car finance agreements. The Financial Conduct Authority has confirmed that it received around 1,000…

The UK car finance mis-selling situation continues to evolve at pace. Since our last update in November, several important regulatory, financial and political developments have shaped the landscape. Here is where things stand in early 2026. The FCA…

The Financial Conduct Authority (FCA) has published an update on the progress of its motor finance compensation scheme consultation, confirming that engagement across the industry has been extensive and constructive. The regulator has received a…