{
  "id": 4828332,
  "title": "FCA ‘worked backwards’ to justify motor finance redress, say lenders",
  "url": "https://urgent.news/2026/09/01/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-01T09:04:04.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/fca-worked-backwards-to-justify-motor-finance-redress-say-lenders/"
  },
  "original_language": "en",
  "account": "Three major lenders have criticized the Financial Conduct Authority (FCA) for \"working backwards\" to justify its £9.1 billion motor finance redress scheme, which is set to cost the industry billions. The Financial Services arms of Mercedes-Benz, Volkswagen Financial Services, and Credit Agricole have accused the regulator of starting from the erroneous conclusion that such arrangements were harmful and working backwards to justify that view. Mercedes-Benz, which has set aside up to £400 million in potential payouts, said the FCA's \"one-size-fits-all approach\" risks failing the entire scheme. The watchdog plans to defend the scheme in hearings that could last until February 2027.",
  "summary": "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) [...]",
  "key_points": [
    "FCA accused of working backwards to justify £9.1bn motor finance redress scheme",
    "Mercedes-Benz, Volkswagen Financial Services, and Credit Agricole criticize FCA",
    "FCA's one-size-fits-all approach risks scheme failure"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}