FCA's Free Compensation Scheme for Mis-Sold Car Finance
The Financial Conduct Authority (FCA) has introduced a free compensation scheme for motorists who were mis-sold car finance, with total payouts expected to reach £7.5bn. This follows a Supreme Court ruling that millions of motorists were mis-sold motor finance due to undisclosed commissions by lenders. Law firms and claims management companies are also offering services to help drivers claim compensation, though they take a percentage of the payout.
Topics: car finance compensation claims management companies consumer rights FCA PPI scandal