"Approximately 14 million people will be able to claim compensation payouts for unfair motor finance deals as soon as early next year, after the UK financial watchdog released plans on the redress scheme. The Financial Conduct Authority's (FCA) chief executive, Nikhil Rathi, declared it was time that customers get fair compensation while announcing the scheme, which he said aims to be simple for people to use and lenders to implement."
"On such a complex issue, not everyone will get everything they would like. But we want to work together on the best possible scheme and draw a line under this issue quickly. Nearly half of all car loan agreements made between April 2007 and November 2024 could be eligible for payouts, which will amount to an average 700, according to the FCA, and could create a 8.2bn compensation bill for lenders."
The Independent emphasizes the need for on-the-ground journalism and solicits donations to fund reporters while keeping reporting free of paywalls. The FCA has released plans for a redress scheme enabling roughly 14 million people to claim compensation for unfair motor finance deals as early as next year. FCA chief executive Nikhil Rathi said the scheme aims to be simple for consumers and lenders, and that customers deserve fair compensation. Officials acknowledge diverse views on scope, timeframe and calculation. Nearly half of car loan agreements from April 2007 to November 2024 could qualify, averaging 700 per claimant and totaling about 8.2bn.
#motor-finance-redress #consumer-compensation #financial-conduct-authority #news-funding-and-paywalls
Read at www.independent.co.uk
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