FCA sets expectations for firms making car finance settlement offers

Research shows consumers want the choice, rather than wait for the legal challenges to conclude. Almost 9 out of 10 (89%) car finance customers who have complained or are considering doing so want the choice of an offer of compensation now, rather than waiting for the legal challenges to the FCA's compensation scheme to conclude. 86% would be comfortable making the decision, and 61% say they’d accept an offer in line with the scheme. Timing matters for many: 77% say receiving compensation sooner would make a great deal or fair amount of difference to their financial situation.The survey findings are being released today alongside the FCA's expectations for lenders who want to make settlement offers to those owed compensation under its scheme, while legal challenges continue. This comes as Barclays Partner Finance confirms it will make settlement offers to some of its customers owed compensation.The regulator supports lenders making settlement offers, as long as customers are offered no less than they would receive through the scheme.Lenders will need to be clear with people about what accepting any offer means. This includes that they will keep any money received, even if the outco

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