Car finance payouts could be delayed by years over legal challenges, says FCA
Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog Business live – latest updates The City watchdog has warned that a wave of legal challenges to the compensation scheme for victims of the motor finance scandal could leave drivers waiting three more years for payouts, while piling £6bn of extra costs on to lenders. Bosses at the Financial Conduct Authority (FCA), who have consistently hit out at lenders and a consumer claims group for challenging its scheme,
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Drivers were overcharged for loans as a result of commission payments between lenders and car dealers between 2007 and 2024. Photograph: Justin Kase zsixz/AlamyView image in fullscreenDrivers were overcharged for loans as a result of commission payments between lenders and car dealers between 2007 and 2024. Photograph: Justin Kase zsixz/AlamyMotor financeCar finance payouts could be delayed by years over legal challenges, says FCAComplaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog Business live – latest updates Kalyeena Makortoff Banking correspondentTue 9 Jun 2026 09.15 EDTLast modified on Tue 9 Jun 2026 09.28 EDTSharePrefer the Guardian on GoogleThe City watchdog has warned that a wave of legal challenges to the compensation scheme for victims of the…
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