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

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 scheme, told MPs the scandal could affect lenders for years, and have “consequences” by stretching its resources. Continue reading...Weiter zum vollständigen Artikel bei TheGuardian Weiter zum vollständigen Artikel bei TheGuardian