The Financial Conduct Authority plans to launch its mass compensation scheme in 2026
The Financial Conduct Authority plans to launch its mass compensation scheme in 2026
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The City regulator will outline how millions of people can claim compensation for mis-sold car finance.
Payouts are set to be worth £830 each on average
An estimated 14 million people are due payouts
Lenders on the hook for redress scheme as motorists in line to receive £950 each
The Supreme Court ruled that hidden commissions from lenders to dealers on car loans were not unlawful
The scheme will cost lenders £7.5 billion in redress costs
