FCA Announces Up to £18bn Compensation Scheme for Car Loan Victims
TL;DR Summary
The FCA announced a consultation on a compensation scheme for motor finance customers affected by non-compliance with disclosure rules regarding dealer commissions, following a Supreme Court ruling that certain undisclosed commissions could be unlawful. The scheme aims to fairly compensate affected customers, with payments possibly starting in 2026 and an estimated total cost between £9 billion and £18 billion.
- Car loan customers may be owed money after landmark court decision London Evening Standard
- Victims of mis-sold car finance set to get less than £950 per deal BBC
- Millions will share up to £18bn as FCA unveils car loan compensation scheme | Financial Conduct Authority The Guardian
- FCA Says Banks May Face At Least £9 Billion Bill on Car Loans Bloomberg.com
- FCA considering compensation scheme over car finance scandal - raising hopes of payouts for motorists Sky News
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