Related topic: Redress

Andrew Gething, managing director of MorganAsh, outlines how firms can ensure that everything from everyday interactions, right through to exceptional processes – like a redress...

Eligibility criteria have been tightened, average compensation increased for older agreements, and a minimum 3% compensatory interest rate per annum added.

The compensation scheme will include an implementation period.

Law firms and CMCs are being reminded to have robust checks in place to confirm consumers have not already instructed another representative.

The FLA has submitted its consultation response on FCA’s motor finance redress scheme, calling for a "fair, targeted and workable solution".

Work and Pensions Secretary says new evidence has been discovered that was not shown when deciding whether the group were due compensation.

However, people are now expected to receive around £700 on average, below the initial estimate of £950.

Two CMCs have agreed to change their exit fee policies and two others have agreed not to take on clients until they’re able to show they comply with FCA rules.

Among those who have already made a claim, 46% did so using a claims management company or law firm.

Compensation, where it is due, can start to be paid next year.