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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Millions in line for payouts from £18bn car loan compensation scheme

City FCA Close Brothers
a car speedometer with £ signs instead of digits for mileage
The supreme court upheld one consumer case against car finance lenders but ruled against two more. Illustration: Keith Leighton/Alamy

Millions of drivers could be handed a share of a multibillion-pound compensation package after the City regulator said it would open a redress scheme for consumers affected by the car finance scandal.

The Financial Conduct Authority (FCA) will consult on the redress scheme, which could cost banks between £9bn and £18bn when it begins paying consumers compensation next year.

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