Millions who were mis-sold car finance to get average £829 compensation
Compensation payouts are due on around 12.1 million unfair motor finance deals, at an average of £829 each
Last updated 2 hours ago
Millions of drivers will be given compensation payouts after being mis-sold car finance.
The Financial Conduct Authority say the money is due on around 12.1 million unfair motor finance deals, at an average of £829 each.
The regulator is expecting the total amount of redress paid under its scheme to be about £7.5 billion.
FCA chief executive Nikhil Rathi said: “We’ve listened to feedback to make sure the scheme is fair for consumers and proportionate for firms. It will put £7.5 billion back into people’s pockets.
“Now we need everyone to get behind it and ensure millions get their money this year.
“Payouts should not be delayed any longer, especially as household bills come under greater pressure.”
The FCA published the final details of its long-awaited redress scheme for people who were treated unfairly when they took out a motor finance agreement.
The programme covers agreements taken out between 2007 and 2024.