Are the Vultures Circling Again?
What happened? The FCA published its final motor finance redress scheme on 30 March. It covers 12.1 million agreements from 2007 to 2024. It is free to use. Average payouts are estimated at £829. The scheme is, by the standards of British financial redress, genuinely accessible.
If you have any memory of the PPI scandal, the past few weeks will have felt disconcertingly familiar. A regulatory compensation scheme was announced. And almost before the ink is dry, a well-organised chorus warning the public that the official process cannot be trusted and that a no-win, no-fee lawyer is, perhaps, their wisest friend.
