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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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42 Articles
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…
·United Kingdom
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Total News Sources42
Leaning Left2Leaning Right2Center26Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
C 87%
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