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The Independent UK
The Independent UK
Albert Toth

Car finance scandal compensation scheme revealed as motorists to receive £829 average payout

FCA the Financial Conduct Authority

Around 12 million car owners who were mis-sold car finance will finally be able to apply for compensation after the Financial Conduct Authority (FCA) unveiled the final plans for its redress scheme.

Around 12 million drivers are now in line for a payout, after a systemic issue which led to them being mis-sold car finance deals, usually due to hidden commission arrangements. The average payout will be £830, the regulator has confirmed, and those affected will be contacted before the end of the year.

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