The UK Financial Conduct Authority has stated that banks may face a bill of at least 9 billion in car loans.
The UK Financial Conduct Authority is set to launch a consultation on a compensation scheme to guide banks on how to compensate customers who were mis-sold second-hand car loans, potentially putting banks at least 9 billion in debt. According to a news release on Sunday, the Financial Conduct Authority stated that the payout amount of this compensation scheme is unlikely to be less than 9 billion, with the highest estimate being double that number. Prior to this, on Friday, the UK Supreme Court made a ruling in favor of the banks, overturning a lower court's decision and reducing the amount of compensation banks are required to pay.
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