Motor finance redress scheme to cost banks up to £18bn, says FCA
Financial watchdog to give detailed proposals in October, following Friday’s Supreme Court ruling
Financial watchdog to give detailed proposals in October, following Friday’s Supreme Court ruling

Financial regulator set to announce by Monday if it will impose an industry-wide redress scheme

Financial Conduct Authority lowers estimate for loans eligible for compensation scheme

Original judgment had threatened to leave lenders on hook for tens of billions of pounds in compensation

Watchdog believes motorists mis-sold auto finance could get payouts totalling up to £18bn

Comments by Nikhil Rathi position watchdog for stand-off with claims management companies and law firms

Regulator’s planned climbdown follows lobbying by banks and car groups with in-house lenders