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The Latest Breaking News from FCA

Close Brothers nearly doubles expected bill for car loan redress to £300m

The banking group told investors it was adding around £135 million to its existing £165 million provision.

Evening Standard

Millions will get a windfall over car finance. Research helps us understand what they’ll do with it

Millions of motorists across the UK could be in line for payments of around £700 after car dealers mis-sold finance to earn commission. Finance providers stand to lose billions compensating consumers after the scandal.

The Conversation

Lloyds challenges car loan compensation bill as it warns of £2bn hit

The high street banking giant raised concerns about the Financial Conduct Authority’s calculations for how much consumers lost out.

Evening Standard

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Lloyds warns motor finance scandal could cost it nearly £2bn as bill rises

Banking group puts aside extra £800m for compensation claims amid potential for more ‘historical cases’

The Guardian - UK

BMW Seeks Meeting With Rachel Reeves — Can Chancellor Find Middle Ground in £11BN Row?

BMW wants to meet with Chancellor Rachel Reeves as criticism rises over the FCA compensation scheme.

International Business Times UK

Lloyds lifts motor finance provision to almost £2 billion

Lloyds, the biggest player in the motor finance sector through its Black Horse division, had already put aside £1.15 billion

Evening Standard

Lloyds warns car finance compensation could cost it nearly £2bn due to historic cases

Most of the car finance deals covered by the FCA’s scheme involve DCAs

The Independent UK

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Lloyds warns car finance compensation scheme could cost it nearly £2bn

The banking group said it was expecting there to be a higher number of historical motor finance agreements that are eligible for redress.

Evening Standard

FTSE 100 Live 13 October: Lloyds shares up despite new provision, miners lift index

Lloyds Banking Group today made a big increase to the amount it will need to cover motor finance mis-selling compensation.

Evening Standard

Andrew told Epstein ‘we are in this together’ as Giuffre photo emerged – reports

Andrew previously told the BBC that he broke off his friendship with the sex offender in December 2010.

Evening Standard

Carmakers brace for big payouts over loans scandal after FCA consultation

Financial Conduct Authority proposes manufacturers’ finance arms foot nearly half of £11bn compensation bill

The Guardian - UK

FTSE 100 falls from record highs as Lloyds and HSBC struggle

The FTSE 250 ended up 11 points, 0.1%, at 22,052.83.

Evening Standard

Lenders warn of bigger hit to finances from £11bn car loan compensation plan

Lloyds Banking Group and Close Brothers both said they were expecting to have to put aside more money to cover costs related to the mis-selling saga.

Evening Standard

Lloyds warns of ‘material’ extra provision needed for car finance payouts

Lloyds has significant exposure to the car finance industry.

Evening Standard

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The Guardian - UK

The car finance scandal payouts: what does ruling mean and how much compensation could you get?

From how much will I get to when will I be paid? All you need to know about the FCA’s motor finance scheme

Evening Standard

Car finance mis-selling: Am I eligible for compensation, and what do I do?

Millions of motorists could be in line for compensation from their lender.

Evening Standard

Shares in UK lenders rise after watchdog softens car loan compensation costs

Lloyds Banking Group, Close Brothers Group, and Barclays shares were all moving higher on Wednesday morning.

International Business Times UK

FCA Car Finance Compensation Scheme: Why Millions Might Miss Out — and How to Make Sure You Don't

The FCA will launch a major car finance compensation scheme in 2025, refunding drivers mis-sold loans since 2007. Acting early could secure your share of the payout.

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International Business Times UK

Car Loan Payout Frenzy Triggers UK Regulatory Backlash

UK regulators have launched a sweeping crackdown on law firms and claims companies amid a surge in car finance compensation cases, following a Supreme Court ruling on undisclosed commissions.

Evening Standard

Millions of motorists to be paid compensation over car finance scandal

Compensation for unfair motor finance deals will be paid out at around £700 each, the Financial Conduct Authority has said

The Guardian - UK

Car loan scandal victims may get average £700 payout from 14m loans, FCA says

City regulator unveils compensation scheme for motorists who bought cars via discretionary commission deals from 2007 to 2024

Evening Standard

Compensation payouts due on 14m unfair car loans, watchdog says

The Financial Conduct Authority estimated its redress scheme could cost lenders £8.2 billion in compensation.

The Independent UK

Millions of drivers to get £700 compensation from car mis-selling scandal

Motor finance firms broke the law by not properly informing customers about commission paid by lenders to car dealers

The Guardian - UK

UK regulators step up crackdown on firms chasing cut of car finance payouts

Some claims companies shut down, others told to stop taking on clients and misleading ads ordered to be pulled

Evening Standard

Christmas on credit: one in seven ‘using buy now pay later to fund festivities’

Nearly half of people find buy now, pay later attractive as a way to spread the cost of Christmas, according to a survey for banking app thinkmoney.

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