Millions of drivers may receive compensation following a Supreme Court ruling that lenders are not liable for hidden commission payments in car financing. The Financial Conduct Authority (FCA) will implement a compensation scheme, estimating total payouts between £9 billion and £18 billion. Most customers are likely to receive less than £950 each. FCA CEO Nikhil Rathi emphasized the importance of fairness for customers and maintaining the integrity of the motor finance market. The FCA aims for a straightforward compensation process to avoid reliance on costly claims management firms.
The Financial Conduct Authority (FCA) has announced that they will set out a compensation scheme as they want to ensure there is "clarity and certainty" for customers who buy vehicles.
The FCA is estimating the total compensation will be more than £9 billion and it could be as high as £18 billion.
It's fair for their customers to be compensated. We also want to ensure that the market, relied on by millions each year, can continue to work well.
Our aim is a compensation scheme that's fair and easy to participate in, so there's no need to use a claims management company or law firm.
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