RE: FCA Update30 Jul 2024 15:40
"Motor finance is an important market, serving over 2 million consumers a year. In deciding next steps, we'll consider how to make sure consumers are appropriately compensated and the market continues to work well, with effective competition.
As with most types of consumer credit, motor finance is not protected by the Financial Services Compensation Scheme. If firms fail, consumers may not get back money they are owed." For me this implies the compensation will not be enormous.