Thousands and thousands of victims of automobile finance mis-selling might obtain much less compensation than beforehand estimated, underneath plans from the regulator.
The Monetary Conduct Authority (FCA) mentioned payouts might end result from 14 million motor finance agreements between April 2007 and November 2004.
The regulator beforehand advised motorists might obtain lower than £950 per deal, however it now says the common might be about £700. Lenders might pay out £8.2bn in compensation.
The payouts are over fee preparations between lenders and sellers, unfair contracts, and inaccurate data given to automobile consumers.