Car finance compensation should be paid next year

The UK's financial regulator plans to compensate millions of motorists next year for mis-sold car loans due to commission arrangements and inaccurate information provided. The Financial Conduct Authority (FCA) is preparing a finance redress scheme for up to 30 million agreements between 2007 and 2020, with payouts likely under £950 per deal. Eligible cases may involve commission arrangements and unfair contracts, with an awareness campaign planned by the FCA to guide claimants through the compensation process.