"Around 12 million drivers are now in line for a payout, after a systemic issue which saw them mis-sold car finance deals usually due to hidden commission arrangements."
"Each will receive an average payout of 830, the regulator has confirmed, and should be contacted before the end of 2026."
"There will be two schemes, one for agreements made between 6 April 2007 and 31 March 2014, and one for those made between 1 April 2014 and 1 November 2024."
"Firms have been told by the FCA that they must identify and contact people who have been affected and ask if they want to opt in to receive redress."
The Financial Conduct Authority has introduced a compensation scheme for approximately 12 million drivers who were mis-sold car loans due to hidden commission arrangements. Affected individuals will receive an average payout of £830. The scheme is divided into two parts: one for agreements made between April 2007 and March 2014, and another for those made between April 2014 and November 2024. Firms must identify and contact affected individuals, with deadlines set for implementation and communication.
Read at www.independent.co.uk
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