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UK watchdog tells banks to prepare for redress scheme on car loans

The UK Financial Conduct Authority is preparing an industry-wide redress scheme for car finance mis-selling, potentially affecting 2 million customers.
The UK regulator is urging banks to prepare for a redress scheme regarding car loans due to potential mis-selling issues, affecting a wide range of customers.
The scheme includes two types of complaints: Discretionary Commission Arrangements and Commission Disclosure complaints, awaiting a Supreme Court decision.
The Financial Conduct Authority plans to proactively contact borrowers for compensation, with potential payouts dictated by FCA rules.

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The National

Martin Lewis: 'Huge news' for millions of motorists due compensation

Martin Lewis has shared huge compensation news for anyone who has bought a car on finance

23 hours ago·Glasgow, United Kingdom

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The Independent (US)

FCA likely to consult on motor finance redress if widespread failings found

Firms would need to offer ‘appropriate compensation’ if a redress scheme is set up, the Financial Conduct Authority said.

1 day ago·United States

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The Argus

+17 Reposted by 17 other sources

Martin Lewis: 'huge news' for millions of motorists due compensation

Martin Lewis has shared huge compensation news for anyone who has bought a car on finance

1 day ago·Brighton, United Kingdom

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GB News

Drivers could receive £1,400 refund for 'widespread failings' in major £38bn car finance scandal update

1 day ago·London, United Kingdom

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The Sun

Major update issued on car finance mis-selling scandal as key court date set

A MAJOR update has been issued on the car finance mis-selling scandal ahead of millions being issued compensation. The Financial Conduct Authority (FCA) launched an investigation last year into whether motorists were unknowingly overcharged when they took out car loans. GettyThe investigation focuses on past practices where banks allowed car dealerships and brokers to set their own interest rates on loans[/caption] The investigation focuses on p…

1 day ago·United Kingdom

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