Martin Lewis

The finance firms are clearly, I'm sure, pushing for less.

What we don't know, and I have heard mutterings, but I genuinely don't know because Consumer Voice came first, is whether the three financial services firms only put complaints in because Consumer Voice had put a complaint in and they wanted to push it the other way.

Whether if Consumer Voice hadn't done that, we might now have the whole scheme running smoothly.

Some people have muttered and mooted that to me.

I have no basis on that either way round.

Now, what the FCA says, it's hoping it'll only be delayed till October, which means the payouts for those who complain will be happening sometime in 2027.

And for those who haven't complained, probably in 2028.

It also says, though, most lenders are still committed to implementing the scheme, but challenges means timings are uncertain, but firms should be responding to any complaints that come

in what they won't be doing though is making a decision on the back of it so look this is very frustrating I know for many people because it's been delayed and delayed and delayed the regulator we thought had got it out we thought it was all going to happen and then these complaints came in and everything's just being on hold another five or six months so that's that Jay Maverick would there be any further interest from how long the process is taking Lewis he refers to you as well Maverick I feel like I'm in Top Gun laughter

No, definitely not.

You're many things, Simon, but Tom Cruise is not one of them.

Yeah, well, there will be.

There will be further interest.

The delay, I mean, in the... Again, assuming everything continues as it was already planned to, one of the things being challenged is the level of interest.

I challenged that too, and they did change that after the consultation period.

I was one of the people who put in a consultation saying the interest was too low.

The interest...

you will get will be set at the Bank of England base rate plus 1% for all the years that you had the car financed.

So if it is delayed by a year, I mean, what is Bank of England base rate at the moment?

So you're going to be getting a little short of 5% when you add that 1% on top of for the delay this year.