FCA Says Banks Could Face £9 Billion Bill on Car Loans

The UK’s Financial Conduct Authority will consult on a redress scheme to guide banks on how they should compensate customers that were missold used car loans, which could leave the lenders on the hook for at least £9 billion ($11.9 billion).

​The UK’s Financial Conduct Authority will consult on a redress scheme to guide banks on how they should compensate customers that were missold used car loans, which could leave the lenders on the hook for at least £9 billion ($11.9 billion).