Watchdog's Car Finance Scheme Criticized
A new report from the All-Party Parliamentary Group on fair banking calls on the UK financial watchdog to revisit its proposed redress scheme.
MPs and peers have warned that proposals to compensate people mis-sold a car loan are "not fit for purpose" and could short-change millions of consumers.
- The report draws upon analysis of 4.1 million car finance claims.
- People could get more redress through the UK courts than under the Financial Conduct Authority's (FCA) scheme.
Proposals to compensate people mis-sold a car loan are "not fit for purpose"
Under the FCA's scheme, consumers can typically expect to receive an average payout of £700 per car finance agreement – or £518 for those mis-sold a discretionary commission arrangement (DCA) loan.
Author's summary: MPs criticize FCA's car finance scheme as unfair to consumers.
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