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Drivers 'Could Still Get £950 Compensation' Despite Court Ruling - Liverpool Echo
UNITED KINGDOM, AUG 3 – The Financial Conduct Authority plans a compensation scheme for motorists after a Supreme Court ruling; most payouts are expected to be under £950 with total costs between £9 billion and £18 billion.
- The Financial Conduct Authority plans to launch a consultation by early October 2025 on a compensation scheme for motor finance customers across the UK.
- This follows a Supreme Court ruling clarifying unfair commission arrangements, which resolved previous legal inconsistencies about disclosures by car dealers.
- The FCA aims for a simple, accessible scheme allowing customers to claim without legal help while advising those affected to review agreements and submit complaints directly.
- The FCA estimates most individuals will receive less than £950, with the total compensation cost ranging between £9 billion and £18 billion, and first payments expected in 2026.
- The scheme intends to ensure fair consumer outcomes and market stability despite challenges like consumer trust and contacting all affected customers.
117 Articles
117 Articles
Mis-sold car finance: who will be entitled to compensation
Customers mis-sold car financing could still be entitled to compensation, despite last week's landmark Supreme Court ruling that sided with lenders.The Financial Conduct Authority (FCA) announced it will consult on a payout scheme later this year, just days after a "worst-case scenario for the industry" appeared to have been avoided, said The Times."It is the latest twist in a scandal that had caused consternation at the very top of the governme…
Martin Lewis says millions of drivers 'likely' owed as muchas £950
The FCA has said it will consult on an industry-wide compensation scheme that could see millions of drivers receive a payout after it emerged many motor finance firms were not complying with rules
The Scotsman
Car finance: Martin Lewis urges drivers make DIY compensation complaint claim after UK Supreme Court ruling
You could be due hundreds if you took out car finance before 2021 🚗
Oxford Mail
Bought a car on finance? Drivers urged to complain as compensation could hit £18bn
Millions of drivers could be owed a share of up to £18bn after the Financial Conduct Authority (FCA) announced it will consult on compensation payouts
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