‘Serious concern’: City watchdog accused of withholding information in motor finance row
The City watchdog is coming under pressure to release its communications with the Treasury and modelling data for its controversial motor finance redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) is facing legal challenges from the finance arms of Volkswagen and Mercedes Benz as well as French-owned CA Auto Finance over its [...]
The Financial Conduct Authority (FCA) is facing pressure to release communications with the Treasury and modelling data for its controversial motor finance redress scheme, after being accused of withholding information by both lenders and advocacy groups. The FCA is currently embroiled in legal challenges from the finance arms of Volkswagen and Mercedes Benz, as well as French-owned CA Auto Finance, over its £9.1bn scheme.
Consumer Voice, an advocacy group, has also lodged a claim against the watchdog, accusing it of placing "excessive reliance on the interests of lenders" that was "fortified by the [Treasury's] growth agenda." The FCA's legal filings have described the calls for further disclosure as "fishing expeditions," but the lenders argue that the regulator's refusal to share data and code is a "serious cause for concern."
Brief written by urgent.news from City AM's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
