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Car finance deal compensation could start next year, says FCA boss
The Financial Conduct Authority will consult on a direct compensation scheme for potentially 30 million UK car finance deals from 2007-2020, with payouts expected in 2026.
- The boss of the UK's financial watchdog said payouts to drivers who were unfairly sold car finance deals could be made during 2026.
- The Financial Conduct Authority said some motor finance firms broke the law or its rules by not properly informing customers about commission paid by lenders to car dealers.
- The FCA previously estimated that most individuals would probably receive less than £950 in compensation, with the final total cost estimated between £9 billion and £18 billion.
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Up to 30 million car finance deals eligible for compensation, says FCA boss
Nikhil Rathi, chief executive of the Financial Conduct Authority, said he hopes that most payouts to drivers will be made during 2026. Up to 30 million car finance deals made between 2007 and 2020 could be eligible for compensation, the boss of the UK’s financial watchdog has said. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said he hopes that most payouts to drivers will be made during 2026. The FCA is currently cons…
Coverage Details
Total News Sources25
Leaning Left3Leaning Right1Center14Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
L 17%
C 78%
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