Car Finance Scandal Could See Millions of Drivers Receive £950 in 'One of the Biggest Payouts in UK History'

Car finance scandal could see millions of drivers receive £950 in 'one of the biggest payouts in UK history'

Drivers are being urged to prepare for compensation payouts which could begin as soon as next year from the car finance commission scandal.Earlier this month, the Financial Conduct Authority (FCA) confirmed that it would be launching a consultation on a compensation scheme.The regulator stated that many motor finance firms were failing to adhere to rules by not providing customers with relevant information when they were buying a car.**ARE YOU R…

House of Lords Questions FCA’s £18bn Motor Finance Redress Scheme

The House of Lords’ Financial Services Regulation Committee has thrown a spotlight on the Financial Conduct Authority’s (FCA) upcoming motor finance redress scheme, raising concerns that could have significant implications for investors and the broader UK economy. The committee’s letter to FCA chief executive Nikhil Rathi underscores the need for greater transparency and modelling around the… Source

Motor finance: Lords sound alarm on FCA's redress scheme

The House of Lords’ Financial Services Regulation Committee has sounded the alarm on “market uncertainty” around the UK financial watchdog’s upcoming motor finance redress scheme. In a letter addressed to the Financial Conduct Authority’s chief executive Nikhil Rathi, the committee “considers it of importance” to receive further insight into the forthcoming scheme. The City watchdog said in June any redress scheme would ensure the integrity of t…

Complexity could delay payouts in car finance compensation scheme

Millions are still due redress after court ruling over commission scandal but details remain unclear Car buyers and banks are bracing themselves for the outcome of a review into a multi-billion-pound scheme designed to compensate borrowers who paid too much commission for car loans.  However, critics say the scheme may be overly broad and complex, potentially delaying claim resolutions for years.  It follows a year-long battle between lenders, l…