Lenders likely to challenge UK car finance redress plan
Analysts expect British lenders to challenge a 12 billion dollar car finance redress scheme. The FCA narrowed the plan scope but payouts may face delays.
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The United Kingdom car finance industry is bracing for potential legal challenges following the announcement of a revised £9.1 billion ($12 billion) compensation plan for mis-sold loans. While the Financial Conduct Authority (FCA) has narrowed the scope of the redress scheme and increased eligibility thresholds, market analysts warn that litigation remains highly probable.
"It is highly likely that at least one, if not multiple, of the many interested parties will ask the administrative courts to review the scheme," RBC Capital Markets analysts said.
