Millions Eligible for Car Finance Compensation

The Financial Conduct Authority (FCA) has announced a redress scheme for UK drivers affected by inflated car finance costs. Lenders used discretionary commission arrangements that led to widespread overcharging, with average payouts expected to be around £950.

The total compensation could reach tens of billions, and firms have been ordered to overhaul their practices by October. Consumer advocates say this marks one of the largest financial justice efforts in recent years.