Potential FCA scheme could mean banks proactively inform borrowers if they were mis-sold car loans
Business live – latest updatesBanks could be forced to proactively tell customers they have been mis-sold car finance, as the financial watchdog’s plans for a compensation scheme affecting potentially millions of Britons moved “one step closer”.
The Financial Conduct Authority (FCA) said on Tuesday it would announce its decision on such a scheme – which could result in redress totalling billions of pounds – within six weeks of a decision following a landmark supreme court hearing early next month.
Continue reading…Motor finance, Motoring, Financial Conduct Authority, Financial sector, Banks and building societies, Regulators, Money, Business, Banking, Martin Lewis, UK news, Law, UK supreme court, Personal loans, Borrowing & debtRead More
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