FCA Revises Motor Finance Compensation Plan

The UKs Financial Conduct Authority is revising its motor finance compensation plan, following industry feedback and a Supreme Court decision on unfair commission claims. Key changes include scrapping the opt-out feature, setting a three-month deadline for lenders to notify customers, and allowing borrowers to accept offers immediately. Lenders, however, have expressed concerns about costs and the long review period, while consumers argue the plan falls short. Final rules are expected in late March. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/1320f5cee1195333