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Motor Finance

All articles tagged with #motor finance

FCA Proposes Up to £18 Billion Compensation for Car Loan Mis-Sales

Originally Published 5 months ago — by Reuters

The UK's Financial Conduct Authority proposed a redress scheme costing between 9 billion and 18 billion pounds to compensate consumers for motor finance claims related to undisclosed commissions, following a Supreme Court ruling. The scheme aims to address unfair practices dating back to 2007, with consultations starting in October and payments expected in 2026.

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FCA Announces Up to £18bn Compensation Scheme for Car Loan Victims

Originally Published 5 months ago — by London Evening Standard

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.

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