UK Motor Finance Payouts Set at £7.5 Billion After FCA Changes

The UK’s motor finance industry is expected to pay about £2 billion ($2.6 billion) less for a revised redress program for consumers who were missold car loans.

The Financial Conduct Authority has “modestly” tightened the conditions for borrowers to receive compensation, meaning 12.1 million loans are eligible, down from 14.2 million last year, according to a statement on Monday outlining the final shape of the compensation plan.