UK FCA finalises £7.5bn car finance redress scheme

Lenders must compensate eligible borrowers

Financial Services
🇬🇧
The Guardian ·
Change
The UK’s FCA finalised a redress scheme requiring lenders to pay about £7.5 billion for mis-sold car finance agreements.
Why it matters
Lenders must process compensation through a regulator-managed scheme rather than individual claims routes.
Implications
  • — Lenders must fund payouts — financial impact significant
  • — Claims handled centrally — operational processes change

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The Guardian
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