FCA to Discuss Redress Scheme Post Supreme Court Ruling

The UK's Financial Conduct Authority is considering a redress scheme for motor finance consumers after a Supreme Court decision. The potential scheme could cost at least 9 billion pounds, according to the FCA. Further consultation will determine the final approach and estimated expenses.

The Financial Conduct Authority (FCA) in the United Kingdom announced plans on Sunday to consult on a compensation scheme following a recent Supreme Court decision impacting consumers with motor finance claims.

The FCA estimated that the total cost of implementing such a redress scheme, including administrative expenses, would likely exceed 9 billion pounds. In its statement, the FCA indicated that expenses could potentially be higher.

This consultation process will assess the precise nature and design of the scheme, evaluating how to proceed in light of the court's ruling.

(With inputs from agencies.)