FCA reaction to Supreme Court motor finance judgment

An FCA spokesperson said:

"We welcome that the Supreme Court has clarified the law and are grateful to the Court for delivering the judgment after the market closed.

"It will take time to digest the judgment.

"We want to bring greater certainty for consumers, firms and investors as quickly as possible.

"We will be working through the weekend to analyse the judgment and determine our next steps.

"We said we would set out within 6 weeks whether we would consult on a redress scheme. But we want to provide clarity as quickly as possible.

"So, we will confirm whether we will consult on a redress scheme before markets open on Monday 4 August.

"Our aims remain to ensure that consumers are fairly compensated and that the motor finance market works well, given around 2 million people rely on it every year to buy a car.

"If we do decide to propose a redress scheme, we'll consult widely. In designing a redress scheme, as we have previously said, we will balance principles including fairness, timeliness, and certainty."