AM–Online has featured commentary from Joe Norburn, CEO of TCC Group (TCC, Momenta and Recordsure), in its article “NFDA, FLA and experts react to FCA redress scheme”.
The FCA has confirmed its final motor finance redress scheme will run as two parallel exercises, covering agreements from 2007–2014 and 2014–2024, prompting lenders and dealers to review the detailed rules and their operational impact.
Joe Norburn warned this is “not a simple compensation exercise” but a large–scale delivery challenge, with around 12 million historic agreements expected to be reviewed. He said firms will need to move quickly to ensure fair, consistent outcomes while meeting the FCA’s expectation to compensate the majority of consumers by 2027.