- The Financial Conduct Authority (FCA) has finalised its redress scheme for unfair motor finance deals, with an average payout of £829 expected per deal.
- The scheme is projected to distribute a total of £7.5 billion in compensation across approximately 12.1 million eligible deals.
- Compared to earlier proposals, the final scheme will see around two million fewer motor finance deals qualify for compensation.
- FCA chief executive Nikhil Rathi emphasised the scheme's goal to return £7.5 billion to consumers and urged prompt payouts.
- The compensation programme covers motor finance agreements that were taken out between 2007 and 2024.
IN FULL
Millions who were mis-sold car loans to get average £829 payout in final scheme
