Victims of mis-sold car finance set to get less than £950 per deal
131d ago
Business
BBC Business
Victims of mis-sold car finance agreements are expected to receive less than £950 per deal under a forthcoming redress scheme. The Financial Conduct Authority (FCA) will launch a consultation on the scheme following a recent court ruling that highlighted widespread mis-selling practices. However, eligibility criteria are likely to exclude a significant number of drivers who may have been affected. The redress scheme aims to compensate those who were charged excessive interest rates or were not properly informed about the terms of their car finance agreements. The consultation will determine the exact scope and payouts of the scheme.