UK car finance: Drivers could score big as watchdog investigates.

January 11, 2024
1 min read

Millions of UK drivers could potentially receive a payout after the Financial Conduct Authority (FCA) opened an investigation into whether consumers have been charged inflated prices for car loans. The FCA is considering whether to introduce a compensation scheme to address alleged mis-selling in the £50bn-a-year motor finance sector. Banks such as Barclays, Santander and Lloyds could face large compensation bills if widespread mis-selling is found. The investigation follows a surge in complaints after the FCA prohibited agreements which allowed firms to receive commission based on the interest rate customers paid. The FCA has said that it will identify the best way to ensure that consumers receive appropriate compensation if misconduct is found.

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