FCA: Motor finance compensation update

FCA reports that, if it proceeds with a compensation scheme, it is likely to make several changes.  If it does go ahead, FCA expects to publish final rules in late March. The timing of publication will be outside market hours and the date will be confirmed in advance.  Final decisions on the scheme have not yet been made, but this statement sets out some details on how FCA intends to streamline the process.  This includes the likelihood of introducing an implementation period of three months, with up to five months for older agreements.