LONDON, Oct 7 (Reuters) – Britain’s motor finance industry is on the hook for an estimated 8.2 billion to 9.7 billion pounds ($11 billion-$13 billion) to compensate consumers for unfair car loans under proposals outlined by the financial regulator on Tuesday.
In a long-awaited consultation that provides greater clarity about the costs and scope of a redress scheme, the Financial Conduct Authority (FCA) said consumers in Britain who fell victim to motor finance mis-selling between 2007 and 2024 could be eligible for around 700 pounds in compensation on average.
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Reporting by Kirstin Ridley and Phoebe Seers; Editing by Tommy Reggiori Wilkes
UK motor finance industry faces $11-13 bln redress scheme under regulator’s plans
