Commentary | FCA Final Compensation Scheme announcement

We support this pragmatic and proportionate approach from the FCA that strikes the right balance between ensuring robust protection and transparency for consumers, while underpinning the stability of an automotive sector that contributes billions to the UK economy every year. It’s vital that this scheme doesn’t inadvertently impact a market that has adapted and is now working well for consumers.

Key spokesperson

Rachael Jones

Director of Motor Finance

CONNECT

“Modern car buyers expect transparency and choice and we’ve long made finance details highly visible on more than 300,000 vehicles advertised on Autotrader to help build consumer confidence and trust. Most buyers rely on finance to fund their next car purchase and so it is vital this sector can continue to help them access the vehicles they want. Our priority remains supporting both our 10 million monthly visitors and our retail partners to ensure buyers continue to have the confidence, control and choice they need when financing their next vehicle.

“It’s important consumers understand not only what compensation is available to them but also how they can safely and securely access this, as the FCA has explained this morning. We echo their advice to consumers to be cautious when engaging with any compensation claims.”