FCA lawyer admits scale of compensation could be larger than first thought, and as big as PPI, which cost banks £50bn
Britain’s car finance scandal could end up being as big as the payment protection insurance (PPI) mis-selling saga, which cost UK banks £50bn, the City regulator’s top lawyer has admitted.
Stephen Braviner Roman, the Financial Conduct Authority’s general counsel and executive director in charge of legal affairs, said October’s shock court of appeal ruling into car finance commission arrangements vastly expanded the scope of potential consumer compensation.
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