Over 12 million customers are eligible for compensation after being ripped off by car finance firms that racked up fees by arranging inflated interest rates for loan repayments and denied people the chance to seek better deals.
The U.K.’s Financial Conduct Authority (FCA), which has arranged the compensation scheme, said 12.1 million agreements made between April 2007 and November 2024 qualify for compensation, with the average payout set at £830 (US$1,100). This amounts to around 40 percent of the total who took out a car finance loan.
Read More: FCA sets out plans for industry to compensate 12.1 million for car finance
