#motor-finance

#motor-finance

The move underscores the growing cost of the industry-wide scandal as regulators prepare a formal redress scheme. The Financial Conduct Authority (FCA) is expected to outline shortly how it will compensate millions of consumers caught up in the mis-selling of discretionary commission arrangements - deals that rewarded car dealers with higher commissions if customers paid higher interest rates on finance. The practice, banned in 2021, has been under investigation since January 2024.