- Millions of motorists mis-sold car loans are now eligible for compensation as the Financial Conduct Authority (FCA) unveils its new redress scheme after a lengthy consultation.
- Lenders are now mandated by the FCA to identify and contact affected customers, offering them the chance to opt-in for redress.
- Firms have three months from the implementation period's end to complete this outreach.
- Most affected individuals should therefore be contacted by December 2026.
- While a formal complaint isn't essential, the FCA confirms those who submit one will receive compensation sooner.
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