- Lender Close Brothers has said it is “assessing the potential implications” of the financial watchdog’s compensation scheme for motorists impacted by unfair car loans.
- The FCA has revealed its final plans for a £7.5 billion compensation scheme, which will provide payments to the holders of around 12.1 million finance deals.
- Each will receive an average payout of £830, the regulator has confirmed, and should be contacted before the end of 2026.
- The London-listed company has previously accounted for a £300 million provision to cover redress payments to affected customers.
- “The group will update the market as and when appropriate,” it added.
IN FULL
