Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Potential changes loom to FCA's motor finance compensation scheme
The Journal
|March 05, 2026
THE UK’s financial regulator is aiming to “streamline” its long-awaited motor finance compensation scheme following extensive industry backlash.
The Financial Conduct Authority (FCA) issued a fresh update to markets yesterday, stating it was reviewing more than 1,000 responses to its proposals for the sector-wide redress scheme.
It added that “if” it were to proceed with a scheme, the regulator was “likely to make several changes’
In its update, the FCA stated it would streamline the process for consumers and firms by eliminating the opt-out options and replacing them with a three-month deadline for lenders to inform consumers what they are owed and how much.
Consumers receiving an offer would also be able to accept it immediately, rather than waiting for the final determination.
This story is from the March 05, 2026 edition of The Journal.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Journal
The Journal
Minister defends 9.45% rise in police precept
THE Government's minister for policing has defended the significant increase in the police precept faced by homeowners in the Northumbria Police area.
3 mins
April 24, 2026
The Journal
It never took off at Bluebirds with Malky
JON PARKIN says he never wanted to sign for Cardiff City and quickly fell out with manager Malky Mackay (inset).
1 min
April 24, 2026
The Journal
Brawl with machete and hammer
ARMED police were called to a brawl in Walker, with two men reported to have been fighting with a machete and a hammer.
1 min
April 24, 2026
The Journal
Wembley is not just day out for Saints - Eckert
SOUTHAMPTON boss Tonda Eckert insists he is not going to Wembley for a day out as he attempts to turn the “honour” of facing Pep Guardiola into a famous FA Cup upset.
2 mins
April 24, 2026
The Journal
Connon a starter as Red Bulls aim to bounce back
BRETT Connon starts for Newcastle Red Bulls tonight when Bristol Bears are the Gallagher PREM visitors to Kingston Park.
2 mins
April 24, 2026
The Journal
Banned driver admits killing mum in A1 crash
A MAN has admitted causing the death of a loving mum in a crash on the A1 in Northumberland.
1 mins
April 24, 2026
The Journal
Final whistle for Football Focus
THE BBC says Football Focus will be taken off air at the end of the season after more than 50 years.
1 min
April 24, 2026
The Journal
Club announces multi-year extension to hummel kit contract
SUNDERLAND have announced a new multiyear extension of its partnership with hummel.
1 mins
April 24, 2026
The Journal
Drink driver claimed he'd been forced to swap seats
A DRINK-DRIVER initially claimed he had agreed to swap seats with his passenger after he was caught behind the wheel of a car.
1 mins
April 24, 2026
The Journal
Crouching Carrie, hidden agony after throwing shapes...
INJURED myself, and in the process accidentally invented a litmus test for middle age because: multitasking.
2 mins
April 24, 2026
Listen
Translate
Change font size