Published by Global Banking & Finance Review®
Posted on March 24, 2026
1 min readLast updated: March 24, 2026
Add as preferred source on GoogleThe UK’s Financial Conduct Authority (FCA) will unveil on March 30 its detailed redress plan for consumers affected by mis‑sold motor finance, following its initial £11 billion proposal and amid backlash over low interest rates and consultation delays.
LONDON, March 24 (Reuters) - Britain's Financial Conduct Authority (FCA) will update the market on March 30 about its plans for a multi-billion pound redress package for consumers affected by mis-sold motor finance, the regulator's chief executive said on Tuesday.
Nikhil Rathi told a parliamentary committee that the FCA would set out its approach to one of the country's most expensive mis-selling scandals shortly after markets close.
The FCA last October proposed an 11 billion pound ($14.74 billion) deal, accusing the industry of inadequately disclosing both commissions paid by lenders to motor dealerships and ties between lenders and dealerships that it said encouraged brokers to charge more for car loans over a 17-year period to 2024.
($1 = 0.7463 pounds)
(Reporting by Kirstin Ridley and Phoebe Seers, editing by Lawrence White)
The FCA will publish its plans for a multi-billion pound redress package for consumers affected by mis-sold motor finance.
Consumers who were impacted by the mis-selling of motor finance, including those affected by undisclosed commissions and lender-dealership ties.
The FCA last October proposed an 11 billion pound deal to address the mis-selling scandal.
The FCA found inadequate disclosure of commissions and links between lenders and dealerships, which led brokers to increase car loan charges over 17 years.
The approach will be set out shortly after markets close on March 30.
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