Up to 14m car loan scandal victims in line for average £700 payout, FCA says

Money blog: Massive car finance compensation scheme announced with £700 average - here's what to do now

Welcome to the Money blog, where our focus is on the announcement of a big car finance compensation scheme. Scroll further down for: Barclays has launched an eye-catching switch offer; details on EU travel changes this Sunday; this week's Money Problem.

Millions of motorists to get £700 payout due to car finance scandal

Compensation payouts on about 14 million unfair motor finance deals could start next year, at an average of about £700 each, under the UK financial watchdog’s proposed scheme.

Compensation payouts due on 14m unfair car loans, watchdog says

The Financial Conduct Authority estimated its redress scheme could cost lenders £8.2 billion in compensation.

Car finance scandal: Payouts of £700 per driver under compensation plans

Millions of victims of car finance mis-selling could receive less compensation than previously estimated, under plans from the regulator.

Millions of drivers to get £700 compensation from car mis-selling scandal

Compensation payouts on around 14 million unfair motor finance deals could start next year, at an average of about £700 each, the Financial Conduct Authority (FCA) has said.

Huge £8.2bn compensation scheme for car finance scandal announced

Motor finance firms broke the law or its rules by not properly informing customers about commission paid by lenders to the car dealers that sold them the loan, the FCA said.