LONDON, April 27 (Reuters) – A British consumer group on Monday said it had filed a \u200clegal challenge to a 9.1 billion-pound ($12.32 billion) \u200credress scheme to compensate motorists for mis-sold motor finance, a \u200bmove Britain’s market regulator described as disappointing.<\/p>\n
Last month, the Financial Conduct Authority unveiled a trimmed-down, final bill amid a pushback from lenders, which came after the \u200cUnited Kingdom’s top \u2060court overturned a landmark ruling that had sent shockwaves through the industry.<\/p>\n
Lenders including \u2060Close Brothers and Santander have decided not to challenge the FCA’s redress scheme, which the FCA said \u200bwould allow \u200bconsumers to receive compensation \u200bquickly.<\/p>\n
But Consumer Voice, which \u200csaid it has applied to London’s Upper Tribunal to challenge the redress scheme, argues it “fails to deliver fair, adequate or lawful consumer redress and systematically undercompensates consumers”.<\/p>\n
The group said in a statement that \u200cit believes “consumer redress has been \u200bminimised in order to protect \u200blenders”.<\/p>\n
The FCA said \u200bthe move could delay consumers receiving \u200ccompensation and “also prolongs the uncertainty \u200bfor all \u200binvolved, which is not good for investment or a healthy motor finance market”.<\/p>\n
“We are considering our \u200bapproach and \u200cwill set out more later this week,” the \u200bFCA said.<\/p>\n
($1 = 0.7387 pounds)<\/p>\n
(Reporting by Sam Tobin; \u200bEditing by Daniel Wallis)<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, April 27 (Reuters) – A British consumer group on Monday said it had filed a \u200clegal challenge…\n","protected":false},"author":2,"featured_media":922738,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3,4],"tags":[748,142461,393,14637,4884,172741,114729,1144,114730,712,16,15,1764],"class_list":["post-922737","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uk","category-united-kingdom","tag-britain","tag-consumer-group","tag-england","tag-financial-conduct-authority","tag-great-britain","tag-legal-challenge","tag-motor-finance","tag-northern-ireland","tag-redress","tag-scotland","tag-uk","tag-united-kingdom","tag-wales"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116479030042077954","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/922737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=922737"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/922737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/922738"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=922737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=922737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=922737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}