The British loan agency is closer to the compensation plan and faces a huge bill for payment | Motor finance

Banks can inform customers of the incorrectly sold auto finance to customers because financial watch Dogs potentially make a compensation system with millions of British.

The Financial Action Authority (FCA) announced a decision on such a system on Tuesday and said that the decision could be saved within six weeks following the groundbreaking Supreme Court hearing at the beginning of next month.

It is the latest development of the balloon scandal over the massive wrong sales of car loans.

If the system of the FCA continues, the loan agency should provide compensation to liberate the individual and blow the claim management company from the need to contact all borrowers who meet the wrong sales standards and submit complaints. According to one estimate, payments can generally be only 1,100 per person.

The MoneySavingExpert.com website said that after the FCA announcement, the payment for the wrong auto finance was closer. Martin Lewis, a consumer champion and founder of the site, said that a type of relief plan for regulators should actively contact all borrowers who meet the incorrect sales standards and provide payments.

Therefore, people do not need to complain that they will pay the company the amount instructed by the FCA depending on their situation. He is likely to increase the number of people who will receive much wider payments (and don't need to use a claim company).

According to some analysts, the crying car loan scandal for more than a year is expected to be expensive lending institutions including Santant Der, Close Brothers, Barclays and Lloyds.

It began in January 2024, when the FCA began investigating the discretionary committee contract (DCA) on automotive loans issued between 2007 and 2021.

This practice meant that the automotive agency and the broker had the authority to set interest rates for car loans and to receive high -level high levels in the process.

In October, however, the appeal court ruling greatly expanded the scandal and sent reward estimates. The ruling judged that it was illegal to pay a secret committee to a car dealer who had lending without disclosing the amount and conditions of the committee.

The two loan agencies in Close Brothers and Fishers hope to reverse the ruling at the Supreme Court hearing, which will be heard from April 1 to 3.

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The FCA said it was approved to intervene in the case and submitted a submission to the court containing confidential information.

Considering the Supreme Court ruling, if you have concluded that auto financial customers have been lost due to a widespread failure of the lending agency, it is likely to consult on the industry as a whole.

According to such a system, lending agencies must follow the rules to present whether the customer is lost and to provide appropriate rewards.

The FCA said it would be simpler to consumers than to require consumers to submit complaints. We expect less consumers to rely on claim management companies. In other words, he added that they will maintain all the rewards they receive.

Lewis suggested that the general payment for the DCA claim could be 1,140. The regulators pointed out that customers may have paid too much for 1,100 for the four -year auto financial transactions used by the DCA. But there may be requirements for the company to pay interest.

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