Milberg London is proud to announce the launch of its dedicated car finance claims service, enabling eligible clients to pursue compensation under the Financial Conduct Authority’s (FCA) newly proposed redress scheme. This initiative follows the FCA’s landmark consultation aimed at addressing widespread mis-selling in the motor finance industry between April 2007 and November 2024.
The FCA’s redress scheme—expected to deliver payouts averaging £700 per loan and potentially affecting up to 14 million agreements—targets discretionary commission arrangements that incentivised brokers to inflate interest rates for personal gain. These practices, now banned, left many consumers unknowingly overpaying for vehicle finance.
With our track record in consumer protection, we are mobilising our legal expertise to support affected individuals in navigating the claims process. Our new service offers:
- Free eligibility assessments for clients who financed vehicles during the affected period, including credit checks going back to 2007.
- End-to-end legal representation, from claim submission to resolution.
- Contingent fee arrangements to ensure access to justice.
James Oldnall, Managing Partner at Milberg London, said:
“This is one of the most significant consumer redress opportunities in recent years. The FCA’s scheme is a vital step toward restoring fairness in the motor finance market, and Milberg is proud to stand with consumers who were misled by opaque commission practices.”
Polly Blenkin, Partner, added:
“We welcome the FCA’s commitment to restoring fairness in the motor finance market. We’re committed to making this process as accessible and transparent as possible. Our team is ready to guide clients through every step, ensuring they understand their rights and receive the compensation they deserve.”
Milberg London encourages anyone who financed a vehicle between April 2007 and November 2024 to visit https://milberg-motor.co.uk/ and begin their claim review. With billions in potential compensation at stake, this is a critical moment for consumer justice.
Consumers can complain directly to their lender or to the Financial Ombudsman Service without charge. Consumers will also be able to submit a claim directly via the anticipated redress scheme; this would also be free.