The UK's Financial Conduct Authority has announced a compensation scheme for up to 14 million motorists affected by unfair car loans from 2007 to 2024, with average payouts expected to be around £700. While the compensation amounts are lower than initially anticipated, the total bill for lenders could reach as high as £9.7 billion. This initiative is significant as it addresses long-standing grievances of consumers who were misled in their car financing deals, providing them with some financial relief.

In a significant development, up to 14.2 million drivers may be eligible for an average payout of £700 each due to a car finance mis-selling scandal, as announced by the financial services regulator. This compensation is crucial as it addresses the financial injustices faced by many consumers, providing them with much-needed relief and restoring trust in the financial system.