Car finance payouts could be delayed by years over legal challenges, says FCA
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. That could end up delaying payouts to drivers, which were widely expected to begin as early as this summer.Even if the judge backs the FCA scheme, that would delay payouts into 2027, the FCA deputy chief executive, Sarah Pritchard, told MPs on the Treasury committee on Tuesday.
- ▪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.
- ▪That could end up delaying payouts to drivers, which were widely expected to begin as early as this summer.Even if the judge backs the FCA scheme, that would delay payouts into 2027, the FCA deputy chief executive, Sarah Pritchard, told MPs
The Guardian — World publishes from United Kingdom and files mainly under world. We currently carry 2,130 of its stories.
Opening excerpt (first ~120 words) tap to expand
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…
Excerpt limited to ~120 words for fair-use compliance. The full article is at the Guardian.
Discussion
0 commentsMore from the Guardian
