The National Franchised Dealers Association (NFDA) has welcomed the move by the FCA to allow more flexibility in the motor finance redress scheme.
Sue Robinson, chief executive of the NFDA asid the approach was constructive.
“The NFDA welcomes today’s update from the Financial Conduct Authority on the proposed motor finance redress scheme and is encouraged that the regulator has listened to the practical concerns raised by industry stakeholders, including ourselves.
“We were one of many organisations to respond to the consultation process, and it is positive to see that our feedback has been reflected in key areas.
“In particular, the proposed flexibility around implementation timescales – including extended periods of up to five months for older agreements – recognises the operational complexity involved and will help firms deliver fair and accurate outcomes for customers.
“We also welcome the FCA’s continued engagement on manufacturer-tied relationships and its willingness to reconsider aspects that may have unintended or unfair consequences. This demonstrates a constructive approach and an openness to working with the sector to get this right.”
