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FCA’s car finance redress estimates deemed too high

UK car show room
The FCA has previously said individual claimants could get up to £950 in compensation. Photo: Anna Barclay/Getty Images

Millions of customers of motor finance schemes are expected to start receiving compensation from banks and lenders next year.

As the UK’s FCA prepares to roll out its redress scheme for customers of the controversial car finance deal from next year, experts have warned that the estimated total figure for the compensation given by the regulator is too high and unrealistic.

In August this year, the FCA said it