The Financial Conduct Authority (FCA) is initiating a consultation on a compensation scheme for car finance mis-selling that may cost lenders around 18 billion. A Supreme Court ruling determined that lenders are not liable for hidden commissions in car finance schemes, limiting the claims eligible for compensation. However, serious cases outside this ruling may still qualify for payouts. The average age of cars on UK roads has reached nearly 10 years, reflecting current trends in vehicle ownership. The FCA is encouraging those affected to file complaints to pursue potential compensation.
The Financial Conduct Authority (FCA) has confirmed it is launching a consultation on a compensation scheme which it says could cost finance lenders up to 18 billion.
A Supreme Court ruling on Friday found that lenders are not liable for hidden commission payments in car finance schemes, meaning most claims will not go ahead.
The average age of cars on UK roads has reached a record high of nearly 10 years, indicating an ongoing trend in car ownership.
The FCA is now urging those who believe they may be affected by car finance mis-selling to complain now to seek potential compensation.
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