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FCA announces £8 billion redress scheme for victims of ‘unfair motor loans’

he Nissan logo is displayed above new and second hand used cars outside a dealership
The scheme covers motor finance agreements sold between April 20217 and November 2024. Photo: Anna Barclay/Getty Images

Hameed Shuja

3 min read
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The final figure of around £8.2 billion ($10.99 billion) is less than previous estimates, but good news for around 14 million people.

The UK’s FCA has finally announced its much anticipated proposals to compensate millions of motor finance customers who were sold unfair loans by their brokers and lenders between 2017 and 2024. The redress scheme is expected to start next year.

The regulator says around 14 million customers could receive a compensation payment

Motor

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