UK FCA finalises £7.5bn car finance redress scheme
→Lenders must compensate eligible borrowers
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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Source
View on The Guardian