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Evening Standard
Evening Standard
Anna Wise

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

the Financial Conduct Authority FCA
(Yui Mok/PA) - (PA Archive)

Compensation payouts on around 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.

The Financial Conduct Authority (FCA) estimated its redress scheme could cost lenders £8.2 billion in compensation, based on about 85% of eligible consumers taking part.

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