Millions Await UK Car Finance Compensation Rules as FCA Weighs £11 Billion Redress
Britain’s Financial Conduct Authority will announce after markets close Monday how millions of motorists can claim compensation for mis-sold car loans, with payouts possibly totaling £8.2 billion. The scheme could cover about 14 million agreements from 2007 to 2024, with average compensation of £700 per deal. Lenders including Lloyds and Santander have already set aside large provisions. The FCA’s pause on most complaints ends May 31, 2026.