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FCA asks banks to prepare for customer redress in motor finance scheme

Cars in a London showroom
The FCA has said it is likely that firms will have to pay compensation for rule violations. Photo: Anna Barclay/ Getty Images

Hameed Shuja

1 min read
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The UK’s Supreme Court is expected to give a key ruling next month in the motor finance case.

The UK’s FCA has warned banks they should prepare for possible customer redress in relation to motor finance arrangements that took place before 2021.

The watchdog has said in a statement it is looking into past cases of whether motor finance firms misguided customers over discretionary commission arrangements (DCAs), and whether

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