Santander urges ministers to intervene in UK car finance compensation scheme
Lender’s chief executive says redress proposals could affect jobs, supply chains and broader UK economyBusiness live – latest updatesSantander UK has urged the government to intervene in the £11bn car finance compensation scheme, claiming that the current proposals could end up inflicting...
<p>Lender’s chief executive says redress proposals could affect jobs, supply chains and broader UK economy</p><ul><li><p><a href="https://www.theguardian.com/business/live/2025/oct/29/donald-trump-cut-fentanyl-tariff-chinese-goods-expects-great-deal-with-xi-jinping-federal-reserve-rate-cut-business-live">Business live – latest updates</a></p></li></ul><p>Santander UK has urged the government to intervene in the £11bn car finance compensation scheme, claiming that the current proposals could end up inflicting “significant” harm to consumers, jobs and the broader economy.</p><p>It marks some of the strongest criticism to date of the Financial Conduct Authority’s (FCA) redress scheme, which is meant to draw a line under <a href="https://theguardian.com/business/2025/oct/07/uk-car-loan-scandal-victims-in-line-for-payout-fca">14m historic car loan contracts that may be deemed unfair</a> because of commission arrangements between lenders and car dealers.</p> <a href="https://www.theguardian.com/business/2025/oct/29/santander-urges-ministers-to-intervene-in-uk-car-finance-compensation-scheme">Continue reading...</a>
Read the full article at:
The Guardian World →