UK Drivers: £700 Compensation for Mis-sold Car Finance

0:00This is Corey with Lester News Today, powered by the Daily News Now. Millions of UK drivers, missold car finance, could soon get compensation payouts averaging 700 pounds each. The financial conduct authority plans to announce final details for the redress scheme late this month, outside market hours around 5 p.m. 1. Evening, the regulator has made changes based on feedback, like simplifying communication with customers, and skipping opt-out notices for early complaints. Lenders get three months to roll it out, or five months for older deals, aiming for payments by the end of 2026. Industry leaders worry about the 11 billion pound hit, with big banks like Santander and Lloyds already setting aside reserves. Some executives have warned it might cause job cuts in shake-up car sales. The scandal stems from hitting commissions that led dealers' hike interest rates, without telling buyers, blocking better deals. The FCA says this broke rules on about 14 million agreements. If you think you were affected, complain directly to your lender now, to speed things up, and

1:03avoid claims firms taking 30% or more. The watchdog expects streamlined processes to help most people get paid next year. Support for this deal in an episode comes from our sponsor. Some people meditate. I just lay down and press play. S-O-L-I-SOLY-PILLOW.com