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Evening Standard
Evening Standard
Holly Williams

Millions face longer wait for payouts under motor finance redress scheme plans

People mis-sold car loans will have to wait longer for compensation payouts (Alamy/PA) -

Millions of people mis-sold car loans will have to wait longer for compensation payouts after the City watchdog revealed plans to give lenders more time to prepare for its redress scheme.

The Financial Conduct Authority (FCA) is set to unveil the final rules for the scheme in late March but is likely to make several changes after receiving more than 1,000 responses to its consultation on the plans and following a backlash in the lending sector.

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