Reported about 15 hours ago
The UK's Financial Conduct Authority (FCA) has proposed a compensation scheme aimed at addressing unfair motor finance agreements from April 2007 to November 2024, potentially affecting around 14 million agreements. If approved, the scheme could allocate approximately £8.2 billion to consumers who were not fully informed about their finance agreements, with average payouts predicted to be around £700. The FCA aims to simplify the claims process for consumers and encourages those who suspect they were misled to directly lodge complaints with their lenders.
Source: YAHOO