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The Guardian - UK

Business

Rupert Jones

Car loan scandal victims may get average £700 payout from 14m loans, FCA says

black coloured cars for sale on a dealer's forecourt with large yellow prices on their winsdcreen — The city regulator’s scheme focuses mainly on motorists who took out car loan deals with a discretionary commission arrangement (DCA). Photograph: Matt Cardy/Getty Images

Victims of the UK’s car finance scandal are likely to receive compensation payouts averaging £700 resulting from 14m unfair loans, the City regulator said on Tuesday.

The payouts would be less than previously expected, but the Financial Conduct Authority (FCA) said lenders could be landed with an £8.2bn compensation bill, which could go as high as £9.7bn.

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