Tag #Redress Scheme

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bbc.com

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Aug 4, 13:14

FCA's Car Finance Redress Scheme Faces Challenges Due to Paperwork Issues

The UK's Financial Conduct Authority (FCA) proposes a redress scheme for car finance mis-selling dating back to 2007, potentially costing £9bn-£18bn, but faces challenges due to missing paperwork and a Supreme Court ruling limiting claims; the FLA calls the scheme 'completely impractical'.

FCA's Car Finance Redress Scheme Faces Challenges Due to Paperwork Issues

The UK's Financial Conduct Authority (FCA) proposes a redress scheme for car finance mis-selling dating back to 2007, potentially costing £9bn-£18bn, but faces challenges due to missing paperwork and a Supreme Court ruling limiting claims; the FLA calls the scheme 'completely impractical'.

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How did the Supreme Court's ruling on hidden commissions impact the potential cost and scope of the FCA's compensation scheme?

Following a Supreme Court ruling partially favouring lenders, the FCA's redress scheme faces challenges. The scheme's scope (loans since 2007) and the potential loss of crucial documentation pose significant obstacles to determining eligibility and calculating compensation. The industry will bear the full cost, but the final bill will likely be less than initially feared, given the court's decision.

smh.com.au

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Mar 30, 13:15

Victoria's Legal Liabilities Surge Amidst Historical Sexual Abuse Claims"

Victoria's legal liabilities have surged by \$74 million to \$411 million due to a rise in historical sexual abuse claims against the state government, prompting criticism of its \$165 million redress scheme's design and implementation, with advocates highlighting insufficient funding and delays in ...

Victoria's Legal Liabilities Surge Amidst Historical Sexual Abuse Claims"

Victoria's legal liabilities have surged by \$74 million to \$411 million due to a rise in historical sexual abuse claims against the state government, prompting criticism of its \$165 million redress scheme's design and implementation, with advocates highlighting insufficient funding and delays in ...

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How do the criticisms of the Victorian redress scheme's design and implementation affect its effectiveness and impact on victim-survivors?

The increase in legal liabilities is a direct result of a board of inquiry report that revealed systemic failures in protecting children from sexual abuse in Victorian government schools between 1960 and 1994. The report's findings, including an \$8 million settlement to one abuse survivor, have led to a significant rise in claims, exceeding the initial funding allocated to the redress scheme.

theguardian.com

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May 27, 13:11

WA Launches Redress Scheme for Stolen Generations

Western Australia launched a redress scheme for Stolen Generations survivors, offering individual payments up to $85,000, following years of advocacy and leaving Queensland as the only state without such a program.

WA Launches Redress Scheme for Stolen Generations

Western Australia launched a redress scheme for Stolen Generations survivors, offering individual payments up to $85,000, following years of advocacy and leaving Queensland as the only state without such a program.

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What is the significance of Western Australia's new redress scheme for the Stolen Generations?

The Western Australian government announced a redress scheme for members of the Stolen Generations, providing individual payments of up to $85,000. This follows years of campaigning by survivors and their families and leaves Queensland as the only jurisdiction without such a scheme.

dailymail.co.uk

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Mar 12, 10:11

FCA Proposes \£10 Billion Redress Scheme for Mis-Sold Car Finance

The UK's financial regulator, the FCA, is proposing an industry-wide redress scheme to compensate millions of motorists affected by mis-sold car finance following a Supreme Court ruling that deemed secret commission payments to car dealers unlawful, potentially leading to over \£10 billion in payout...

FCA Proposes \£10 Billion Redress Scheme for Mis-Sold Car Finance

The UK's financial regulator, the FCA, is proposing an industry-wide redress scheme to compensate millions of motorists affected by mis-sold car finance following a Supreme Court ruling that deemed secret commission payments to car dealers unlawful, potentially leading to over \£10 billion in payout...

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What is the FCA's plan to address the widespread mis-selling of car finance, and what are the potential financial implications for both consumers and the industry?

The UK's financial regulator, the FCA, is proposing an industry-wide redress scheme to compensate motorists affected by mis-sold car finance. This follows a Supreme Court ruling deeming secret commission payments to car dealers unlawful. Millions of consumers may receive automatic payouts, potentially totaling over \£10 billion.

Showing 1 to 4 of 4 results