“The Financial Conduct Authority (FCA) has now confirmed it intends to consult in early October for six weeks, on an industry-wide scheme to compensate customers who may have been treated unfairly” said Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA) . The FCA’s roundtable, attended by NFDA, formed part of the FCA’s pre-consultation engagement and provided an overview of the key areas under consideration for the scheme’s scope and design. Importantly, the FCA highlighted the role that credit brokers may play in helping any scheme achieve its objectives. NFDA members had the opportunity to raise questions and concerns directly with the FCA. Points discussed included: Why the scheme is being taken back as far as 2007. Access to data and the challenges of historic record retention. The impact of dealer acquisitions on data availability. The role and availability of disclosure documents. Clarification of liabilities between brokers and lenders. How new car finance agreements, with different rates and structures, will be treated. Robinson added: “NFDA will continue to engage closely with the FCA on behalf of members to ensure the dealer perspective is fully represented in the design of the scheme.” If you are an NFDA member and would like to discuss the roundtable or share your views ahead of the consultation, please contact us directly.