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Lenders May Have To Contact Car Loan Customers Over Mis-selling
The Guardian
|March 12, 2025
Banks could be forced proactively to tell customers they have been mis-sold car finance as the financial watchdog's plans for a compensation scheme affecting potentially millions of Britons moved a "step closer".
The Financial Conduct Authority (FCA) said yesterday it would announce its decision on such a scheme, which could result in redress totalling billions of pounds within six weeks of a decision from a landmark supreme court hearing early next month.
It is the latest event in the ballooning scandal around the alleged large-scale mis-selling of car loans.
If the scheme floated by the FCA goes ahead, lenders are likely to have to contact all borrowers who meet the mis-selling criteria and offer compensation, freeing up individuals from the need to submit a complaint and dealing a blow to claims management firms. Payouts could average about £1,100 a person, according to one estimate.
Denne historien er fra March 12, 2025-utgaven av The Guardian.
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FLERE HISTORIER FRA The Guardian
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