FCA ‘worked backwards’ to justify motor finance redress, say lenders

cityam

6 hours ago

Mercedes-Benz joined motor finance lenders in firing shots at the FCA. A trio of motor finance lenders have accused the City watchdog of “working backwards” to justify its redress scheme that is set ...

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A trio of motor finance lenders have accused the City watchdog of “working backwards” to justify its redress scheme that is set ...</p>\n\n<a href=\"https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>FCA ‘worked backwards’ to justify motor finance redress, say lenders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFCA ‘worked backwards’ to justify motor finance redress, say lenders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-01 17:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mercedes-Benz joined motor finance lenders in firing shots at the FCA. A trio of motor finance lenders have accused the City watchdog of “working backwards” to justify its redress scheme that is set ...</p>\n\n<a href=\"https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FCA","symbol_name":"First Trust China AlphaDEX Fund","start_time":0,"source_url":"https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/","article_id":"2664837505","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/06/GettyImages-1217930300-e1749573274205.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2664837505","pubTimestamp":1788253444,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Mercedes-Benz joined motor finance lenders in firing shots at the FCA. A trio of motor finance lenders have accused the City watchdog of “working backwards” to justify its redress scheme that is set to cost the industry billions.In new documents, Mercedes-Benz’s financial services arm, which has set aside as much as 400m in payouts for the car mis-selling scandal, said the Financial Conduct Authority’s  “one-size-fits-all approach” across all segments of the market “risks sowing the seeds of failure for the scheme as a whole”.The watchdog introduced the 9.1bn scheme following last year’s Supreme Court judgment that rejected claims that hidden commissions were automatically unlawful, but found one customer’s undisclosed commission created an “unfair relationship”. The decision opened the door to an industry-wide redress program.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FCA":"First Trust China AlphaDEX Fund"},"translate_title":"贷款人称，FCA “倒退”来证明汽车金融补救的合理性","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1.5},"content_text":"Mercedes-Benz joined motor finance lenders in firing shots at the FCA. A trio of motor finance lenders have accused the City watchdog of “working backwards” to justify its redress scheme that is set to cost the industry billions.In new documents, Mercedes-Benz’s financial services arm, which has set aside as much as £400m in payouts for the car mis-selling scandal, said the Financial Conduct Authority’s (FCA) “one-size-fits-all approach” across all segments of the market “risks sowing the seeds of failure for the scheme as a whole”.The watchdog introduced the £9.1bn scheme following last year’s Supreme Court judgment that rejected claims that hidden commissions were automatically unlawful, but found one customer’s undisclosed commission created an “unfair relationship”. The decision opened the door to an industry-wide redress program.\n\nIt has sparked fury across the aisle with three industry groups and advocacy firm Consumer Voice lodging legal challenges to overthrow the scheme believing it has misinterpreted the top Court’s ruling.“The approach taken is the result of the Authority having started from the erroneous conclusion that such arrangements were harmful and working backwards in order to justify that view,” Mercedes-Benz said in its reply to the regulator’s defence. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe firm said “overmuch emphasis” had been placed on the regulator’s “expertise as the sector regulator, implicitly suggesting that substantive errors of law can and should be disregarded if there are policy reasons to do so”.\n\nFCA tells lenders to put right the fact they broke the lawThe FCA has said it plans to “robustly” defend the scheme with hearings slated for as late as February 2027 in the Upper Tribunal.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}