Motor Finance Redress Decision Due on Monday, UK Regulator Says

A decision on the UK’s long-awaited program on how lenders should compensate car buyers who were charged hidden commission will be announced on Monday after “fulsome” comments from borrowers and the industry, the head of the Financial Conduct Authority said.

About 1,000 customers have responded to the FCA’s work on the motor finance redress plan, alongside numerous law firms, trade bodies and banks, Nikhil Rathi, chief executive of the UK regulator, told the Treasury select committee on Tuesday.