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Car finance payouts could be delayed by years over legal challenges, says FCA

The Guardian World Tuesday 09 June 2026, 13:15 UTC By Kalyeena Makortoff Banking correspondent 1 min read
Key Points

Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdogBusiness live – latest updatesThe City watchdog has warned that a wave of legal challenges to the compensation scheme for victims of the motor finance scandal could leave drivers waiting three more years for payouts, while piling £6bn of extra costs on to lenders. Bosses at the Financial Conduct Authority (FCA), who have consistently hit out at lenders and a consumer claims group for challenging its...

Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog

The City watchdog has warned that a wave of legal challenges to the compensation scheme for victims of the motor finance scandal could leave drivers waiting three more years for payouts, while piling £6bn of extra costs on to lenders.

Bosses at the Financial Conduct Authority (FCA), who have consistently hit out at lenders and a consumer claims group for challenging its scheme, told MPs the scandal could affect lenders for years, and have “consequences” by stretching its resources.

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FCA Complaints (ORG) the Financial Conduct Authority (ORG) FCA (ORG)
Originally published by The Guardian World Read original →

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