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The Independent UK
The Independent UK
Business
Holly Williams

Millions of drivers set to get long-awaited motor finance compensation payouts this year

It estimated its redress scheme could cost lenders of about £11 billion once the cost of implementing the scheme and doing the work is taken into account - (PA Wire)

Millions of Britons who were mis-sold car loans could be in line for compensation this year, as the UK's financial watchdog prepares to finalise rules for a redress scheme later this month.

The Financial Conduct Authority (FCA) has indicated it will likely amend its proposed compensation framework, following an extensive consultation that garnered over 1,000 responses and highlighted significant concerns within the lending sector.

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