Car finance scandal ruling to unlock compensation for millions of drivers [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Yahoo! Finance
The Financial Conduct Authority (FCA) will publish plans for the payouts late in the afternoon. The programme is expected to cover 14 million customers who were mis-sold car loans in deals dating back to 2007. The FCA has said banks and carmakers could be on the hook for £11bn, split between £8bn in customer compensation and £3bn of administration costs. Its compensation scheme, which was previously expected to cost banks as much as £18bn before being revised down, should ensure motorists mis-sold car finance will not have to go to the courts for compensation. However, bosses have been lobbying for the scheme to be watered down. Banks have argued that a recent decision in the Supreme Court meant that some claims should be thrown out, arguing that earlier plans by the FCA set the parameters of the scheme too broadly. In 2021, the FCA banned deals where car dealers received commission from lenders based on the level of interest rate charged against customers. It said that these
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