FCA Car Finance Compensation Scheme Could Cost Banks £11bn After Mis-Selling Scandal
The Financial Conduct Authority has set out a proposed Car Finance Compensation Scheme that could see lenders paying around £8.2 billion in compensation, with running costs pushing the total to about £11 billion. The scheme covers motor finance agreements from April 2007 to November 2024, and the FCA expects average payouts to be roughly £700…