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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Victims robbed of £4bn in ‘insulting’ car loan redress scheme, say claims firms

FCA Marcus Johnson Darren Smith Lloyds Bank of England
A vehicle is displayed for sale with a sticker saying flexible finance available
Consumers would be due £14.3bn rather than £11bn if the interest rate were closer to 8%. Photograph: Neil Hall/EPA

Victims of the car loans scandal could miss out on more than £4bn in compensation if the City regulator ploughs ahead with plans for an “insulting” interest rate in its redress scheme, consumer groups and claims firms say.

The Financial Conduct Authority (FCA) has been accused of offering a reduced rate of interest which will be added to compensation from banks for borrowers caught up in the car loan commissions scandal.

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