FCA’s multibillion car loan redress estimate is too high, say lenders
Watchdog believes motorists mis-sold auto finance could get payouts totalling up to £18bn
Watchdog believes motorists mis-sold auto finance could get payouts totalling up to £18bn

Financial Conduct Authority lowers estimate for loans eligible for compensation scheme

Financial watchdog to give detailed proposals in October, following Friday’s Supreme Court ruling

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

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

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

Move follows ruling from Financial Conduct Authority and takes UK lender’s total provision to almost £2bn