Financial Conduct Authority proposes manufacturers’ finance arms foot nearly half of £11bn compensation bill
Carmakers are braced to make big payouts to victims of the motor finance scandal, as the City regulator said firms ranging from Ford to Hyundai could end up footing nearly half of an £11bn compensation bill.
The Financial Conduct Authority (FCA) has estimated that “captive lenders” – the financial arms of carmakers that issue loans to drivers – will have to cover 47% of the redress to borrowers. That would take their bill to roughly £5.2bn.
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