The Financial Conduct Authority has published their consultation paper on the proposed motor finance compensation scheme. You can find the latest information on our website here:
The information collected will help lenders, consumers and the CBI in its role of safeguarding stability and protecting consumers.
Lenders will be able to use the information to get a more detailed picture of a consumer’s credit history, which will help them to make decisions about finance applications.
Consumers will have the opportunity to see what credit information lenders hold about them.