On 7 October 2025, the Financial Conduct Authority (FCA) published a consultation paper setting out its proposals in relation to setting up an industry-wide redress scheme to compensate motor finance customers who were unfairly treated between 2007 and 2024.
Background
The FCA set out that it considers that a compensation scheme is the
On 6 October 2025, the Financial Conduct Authority announced it will issue a statement and publish a consultation on its proposed motor finance redress scheme on Tuesday 7 October 2025 after markets close.
On 8 August 2025, there was published correspondence between Lord Forsyth of Drumlean (Chair, House of Lords Financial Services Regulation Committee) and Nikhil Rathi (Chief Executive of the FCA) concerning the proposed motor finance redress scheme. Among other things in Lord Forsyth’s letter it states that the Committee considers that a period which is aligned
On 1 August 2025, the Supreme Court handed down its much-anticipated judgment in the Hopcraft case.
We have published a new briefing note which looks at this judgment, the implications on the motor finance sector, as well as the next steps for firms and the responses of the government and the Financial Conduct Authority.
On 4 August 2025, the Financial Conduct Authority published a letter that it had sent to claims management companies on financial promotions and motor finance claims.
Following the Supreme Court’s judgment in Hopcraft the FCA issued a statement, on 3 August 2025, in which it confirms that it will consult on an industry-wide redress scheme to compensate motor finance customers who were treated unfairly.
The FCA will issue its consultation on the redress scheme by early October and for it
Today marks a significant milestone for the motor finance sector as the Supreme Court has handed down its much-anticipated judgment in the Hopcraft case.
In a landmark decision, the Supreme Court has found that fiduciary duties are not to be found where the intermediary has an independent commercial interest. Whilst this decision will come as
On 31 July 2025, the Solicitors Regulation Authority (SRA) issued a press release in which both it and the Financial Conduct Authority (FCA) warn law firms and claims management companies (CMCs) to make sure that they are complying with rules around how motor finance commission claims should be handled.
On 18 July 2025 the Financial Conduct Authority (FCA) published Consultation Paper CP25/23: Deferred Payment Credit (unregulated Buy Now Pay Later): Proposed approach to regulation (CP25/23).
Background
On 14 July 2025, the Government legislated to bring Deferred Payment Credit (DPC) lending under FCA regulation. DPC is a relatively new
On 14 July 2025, there was made The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025. The statutory instrument will bring interest-free Buy-Now, Pay-Later (BNPL) agreements into regulation under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). The statutory instrument also introduces