fintech / news / / Birmingham Live
Santander, Barclays and Lloyds have accepted the Financial Conduct Authority’s scheme.
Santander, Barclays, and Lloyds have accepted the FCA's £9.1 billion motor finance compensation scheme.
KEY POINTS
- Payments to consumers can begin immediately now that major lenders have dropped legal challenges.
- The scheme compensates motorists mis-sold finance agreements between April 6, 2007, and November 1, 2024.
- The compensation targets hidden Discretionary Commission Arrangements that led to inflated interest rates.
COMPANIES
Summarized by Newsio from Birmingham Live. How we summarize →