Victims robbed of £4bn in ‘insulting’ car loan redress scheme, say claims firms
Financial Conduct Authority defends interest rate of 2.09% as critics criticise proposals as ‘hypocritical’Victims of the car loans scandal could miss out on more than £4bn in compensation if the City regulator ploughs ahead with plans for an “insulting” interest rate in its redress...
<p>Financial Conduct Authority defends interest rate of 2.09% as critics criticise proposals as ‘hypocritical’</p><p>Victims of the <a href="https://www.theguardian.com/business/motor-finance">car loans scandal</a> could miss out on more than £4bn in compensation if the City regulator ploughs ahead with plans for an “insulting” interest rate in its redress scheme, consumer groups and claims firms say.</p><p>The Financial Conduct Authority (FCA) has been accused of offering a reduced rate of interest which will be added to compensation from banks for borrowers caught up in the car loan commissions scandal.</p> <a href="https://www.theguardian.com/business/2025/nov/02/car-finance-redress-scheme-rob-victims-4bn-fca">Continue reading...</a>
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