The Financial Conduct Authority (FCA) are set to launch a consultation review over compensation for the car loan scandal, after the Supreme Court’s verdict on Friday. Up to £18bn could be made available for consumers, with banks on the line for repayment for next year. It is estimated that claimants may end up with less than £950 each, with millions of customers potentially eligible. Bank shares rose on the news on Monday.
Later this week, the Bank of England’s Monetary Policy Committee will be announcing its latest interest rates decision, with rates widely expected to be cut to 4 per cent in the face of rising unemployment.
