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The Independent UK
The Independent UK
Business
Anna Wise

Millions of motorists to find out how they will be compensated after car finance saga

FCA the Financial Conduct Authority
Millions of people mis-sold car loans could still receive compensation this year under plans to set out final rules for a redress scheme later this month, the City watchdog has said (PA) - (PA Wire)

Millions of motorists who were victims of mis-sold car loans are set to discover how they will be compensated, as the financial regulator unveils its final plans. The Financial Conduct Authority (FCA) is expected to publish its long-awaited decisions on an industry-wide compensation scheme on Monday afternoon.

The regulator had issued draft proposals last year, and significant changes are anticipated following more than 1,000 responses to its consultation. The proposed scheme is set to cover car finance agreements made between 6 April 2007 and 1 November 2024.

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