FCA to launch £18bn car loan payout scheme: Millions of drivers could be compensated by 2026

Did you take out a car loan before 2021? You could be owed hundreds, possibly more. The UK’s financial watchdog is rolling out a multibillion-pound compensation scheme targeting unfair commission charges that inflated loan costs for millions of drivers. Here’s what it means for your wallet.

Millions of car owners could be in line for a slice of up to £18 billion in compensation, following a seismic decision by the UK’s financial watchdog to launch a redress scheme for drivers who were overcharged through discretionary commission arrangements (DCAs) on car finance loans. This long-awaited move by…

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Fabrice Iranzi

Journalist and Project Leader at LionHerald, strong passion in tech and new ideas, serving Digital Company Builders in UK and beyond
E-mail: iranzi@lionherald.com

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