FCA to consult on £9bn – £18bn motor finance compensation scheme
The Financial Conduct Authority will consult on a proposed compensation scheme for motor finance customers after a Supreme Court ruling on 1 August.
The watchdog noted that it currently estimates most individuals will probably get less than £950 in compensation.
According to the regulator the scheme could cost £9bn to £18bn but it flagged the top end was unlikely with the middle of the range “more plausible”.
RelatedSupreme Court rules on motor financeThe Supreme Court handed down its motor finance judgment on 1 August ruling in favour of the lenders in two out of three cases.
It had been estimated that if the Supreme Court had not struck down
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