FCA ordered to partly suspend car finance compensation scheme

The Guardian — World
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FCA ordered to partly suspend car finance compensation scheme
Read the full story at The Guardian — WorldOriginal

Court orders financial watchdog to halt parts of £9.1bn scheme until challenges are heard, delaying payouts

The UK’s financial watchdog has been forced to partly suspend its £9.1bn car finance compensation scheme, delaying payouts for millions of motorists.

The Financial Conduct Authority had expected the scheme would this year start paying out £830 on average to those affected by the motor finance scandal, in which drivers were overcharged for loans as a result of commission payments between lenders and car dealers between 2007 and 2024.

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