View Image

Martin Lewis has said 'it's easy' to claim £700 in compensation from the 'biggest redress scheme since PPI'. Over 14 million unfair motor finance deals could start next year under the UK financial watchdog’s proposed scheme.

The Money Saving Expert said "the way it's going to be paid out is by far the simplest form of redress scheme we've seen, never mind for one of this scale," in his first reaction to the The Financial Conduct Authority (FCA) announcing the scheme - which is still subject to a consultation - yesterday.

Compensation payouts as part of the scheme could start in January or February next year, at an average of about £700 each . The FCA estimated its redress scheme could cost lenders £8.2 billion in compensation, based on about 85% of eligible consumers t

See Full Page