Source: Sharecast
The watchdog has received challenges from consumer group Consumer Voice - represented by Courmacs Legal - and lenders Volkswagen Financial Services, Mercedes Benz Financial Services, and Credit Agricole Auto Finance.
The FCA, which argued that the final scheme is fair to consumers and proportionate for firms, noted that none of the claims received are expressly in the name of individual consumers.
"We will defend the scheme robustly as lawful and the best way to resolve such a widespread, long-running and complex issue," it said.
"These legal challenges create fresh uncertainty for millions of consumers and for the second-largest consumer credit market, with £39bn borrowed in 2024. We are therefore engaging at pace with lenders and consumer groups to understand the breadth of views as we determine next steps for the scheme, including contingency planning."
The FCA announced at the end of March that millions of drivers who were mis-sold car finance would be entitled to an average of £830 in compensation.
It said at the time that 12.1 million agreements made between 2007 and 2024 were eligible for compensation. This was down from 14.2m announced in October, but the average payout was increased from £695.
The FCA estimated that 75% of eligible consumers would make a claim, which would take the total redress paid to £7.5bn.