Millions Eligible for Compensation After Undisclosed Commissions on Car Loans

Up to 14 million people in the UK might receive on average £700 each in compensation due to mis-selling in car loans, according to the Financial Conduct Authority (FCA). Nearly 44% of car loan agreements from April 2007 to November 2024 could qualify for this payout. The issue arises because lenders... [More info]

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As the ramifications of the court finding in favour of consumers miss-sold car financing ripples though the banking sector we're starting to see how much money might be involved in compensation;

Lloyds have already allowed £450mn in their accounts to cover settlements while Santander have set aside £295mn.

Estimates that the entire compensation could finally be around £30bn nw don't look so off the mark.

A lot of people in banking are hoping the appeal is successful!

#banks #carloans
h/t FT