FLA comments on FCA’s announcement about a motor finance redress scheme

Commenting on the Financial Conduct Authority's (FCA) announcement about a motor finance redress scheme, Stephen Haddrill, Director General of the FLA said:

“We have concerns about whether it is possible to have a fair redress scheme that goes back to 2007 when firms have not been required to hold such dated information, and the evidence base will be patchy at best. We will be interested to see how the FCA addresses this point in its consultation.”

Notes to Editors

1. In 2024, FLA members provided £155 billion of new finance to UK businesses and households. £115 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2024.