Hundreds of thousands of motorists are set to receive compensation totalling £200 million after the financial watchdog found that some insurers had unfairly reduced payouts for stolen or written-off vehicles.
The Financial Conduct Authority (FCA) revealed that approximately 270,000 drivers are affected, with £129 million already distributed to nearly 150,000 customers. This action follows a detailed investigation by the regulator, which last year identified a practice where automatic deductions were made for assumed pre-existing damage on claims.
