Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Wednesday, September 2
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Finance»Mercedes-Benz and Volkswagen join challengers to FCA motor finance redress scheme
    Finance

    Mercedes-Benz and Volkswagen join challengers to FCA motor finance redress scheme

    April 30, 20263 Mins Read


    Mercedes-Benz and Volkswagen are to challenge the £9.1bn Financial Conduct Authority (FCA) redress scheme.

    Reuters reported the two carmakers are among four groups to oppose the redress scheme which was announced by the FCA.

    The  the financial services arm of ​VW has asked the courts to help clarify elements of ​the compensation plan hours after Mercedes-Benz confirmed it was also among those challenging the ⁠scheme.

    In a statement issued to Motor Trader, Volkswagen Financial Services, said: “We support redress for customers who were genuinely disadvantaged, but it is also important that any scheme is lawful, fair and properly targeted.

    “We have identified issues that require independent clarification and we have therefore asked the Upper Tribunal to provide clarity. Our referral is focused on ensuring the redress scheme is applied accurately and fairly.”

    Mercedes-Benz also confirmed its challenge. “Mercedes‑Benz Group can confirm that it has appealed against the FCA’s proposed Redress Scheme.  Given that this is subject to ongoing legal proceedings, we cannot comment further.”

    The FCA said in a statement: “Our scheme is the quickest, fairest and most efficient way to compensate consumers.

    “It is disappointing that some have decided to challenge it and delay consumers getting their money back, when for many the payouts would be very welcome this year as they face rising household bills.

    “This also prolongs the uncertainty for all involved, which is not good for investment or a healthy motor finance market. We are considering our approach and will set out more later this week.”

    The Finance & Leasing Association (FLA) has confirmed that banks and finance hoses will not be challenging the Financial Conduct Authority’s (FCA) motor finance redress scheme.

    It said it continued to have concerns about the scheme but it wanted a practical solution which compensated consumers for mis-selling while giving motor finance houses the wider market clarity on the issue.

    Consumer group Consumer Voice has is to challenge the FCA’s car finance compensation scheme.

    It claims that for many consumers who took out motor finance the way compensation is calculated risks falls short of what they actually lost.

    It said it was not challenging the idea of a compensation scheme but instead whether the FCA one is fair and delivers what consumers are actually owed.

    Consumer Voice said the FCA had taken a narrow approach to calculating losses and set fixed assumptions that may not reflect real-world outcomes.

    It has put the put the FCA on notice of its intention to apply to the Upper Tribunal to review the way the scheme has been designed, particularly how compensation is calculated.

    Alex Neill, co-founder of Consumer Voice, said: “We support a redress scheme, but this one does not go far enough.

    “Millions of drivers were overcharged through hidden and unfair commission, yet the FCA’s scheme risks leaving many of them missing out on hundreds of pounds they’re owed.”





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleUnited Utilities unveils £800m share sale amid plans to bolster water network
    Next Article Property sales see 16% monthly rise in March: HMRC

    Related Posts

    Finance

    Inside OpenAI’s experiment with AI coding in finance

    August 31, 2026
    Finance

    Ellinas Finance announces board approval for compliance role

    August 31, 2026
    Finance

    How Finance Leaders Can Own Enterprise ROI Through Core Workflows

    August 31, 2026
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    What’s Really Moving Commodity Markets In 2026?

    April 19, 2026
    Property

    China Evergrande’s billionaire boss pleads guilty to fraud | Evergrande

    April 14, 2026
    Investing

    Postal Realty Trust expands credit facility, adds $50 million By Investing.com

    October 28, 2024
    What's Hot

    Utilities, amenities for first-time renters: what to know

    March 21, 2025

    Storm Response with AI: How Utilities Can Protect Ratepayers from Rising Costs

    August 21, 2025

    Here’s the Next Target for BTC Before Bulls Can Hope for $70K

    July 21, 2024
    Most Popular

    Qian Zhimin: How a billion pound bitcoin scammer escaped China on a moped

    November 11, 2025

    AP Govt Orders Free Distribution of Essential Commodities in Montha Cyclone-Hit Areas

    October 28, 2025

    Drug kingpin back behind bars after £17m property empire seized. | UK | News

    April 6, 2025
    Editor's Picks

    Why $71 Billion Bitcoin Behemoth Strategy Is Still Betting on BTC Hitting $150K This Year

    October 29, 2025

    Property people: Jones Homes Yorkshire

    April 29, 2026

    Chute des principales cryptomonnaies ; le bitcoin passe sous la barre des 104 000 dollars -Le 23 janvier 2025 à 22:16

    January 23, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2026 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.