Comments

Millions of drivers who were mis-sold car finance deals could be in line fo r compensation payouts next year. The boss of the financial watchdog has today given an update on when the cash could start flowing and how many motorists might be eligible. ‌

Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA) , revealed that as many as 30 million car finance agreements were signed between 2007 and 2020 - though he warned not everyone will get compensation. The FCA has previously estimated that most drivers would pocket less than £950 in compensation, but the exact details of the scheme remain under wraps. ‌

The scheme is looking into what are known as discretionary commission arrangements (DCAs). These were deals where brokers and car dealers could bump up i

See Full Page