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"Compensation payouts on around 14 million unfair motor finance deals could start next year, at an average of about 700 each, the Financial Conduct Authority (FCA) has said. The regulator previously suggested motorists could receive less than 950 per deal, but it now suggests they could receive less compensation than previously estimated. Motor finance firms broke the law or its rules by not properly informing customers about commission paid by lenders to the car dealers that sold them the loan, the regulator said."
"Nikhil Rathi, the FCA's chief executive, said: Many motor finance lenders did not comply with the law or the rules. Now we have legal clarity, it's time their customers get fair compensation. Our scheme aims to be simple for people to use and lenders to implement. The FCA boss said that not everyone would get what they wanted following the ruling, with a wide range of views on the compensation scheme and its timeframe. We recognise that there will be a wide range of views on the scheme, its scope, timeframe and how compensation is calculated, she said. On such a complex issue, not"
The Independent seeks donations to fund on-the-ground journalism across issues from reproductive rights to climate change and to keep reporting free of paywalls for all. Compensation payouts on around 14 million unfair motor finance deals could begin next year, with an average payment of about 700 per deal, the Financial Conduct Authority said. The FCA concluded many motor finance firms broke rules by failing to disclose commission paid to dealers. The FCA intends a simple compensation scheme for customers and lenders. The FCA chief warned that not everyone will receive their desired outcome and that views vary on scope and timeframe.
Read at www.independent.co.uk
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