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Alex Guibord
According to the FCA, the initiation and execution of the compensation scheme will expense financial institutions around £2.8 billion, increasing their overall costs to £11 billion. Previously, the authority assessed this figure between £9 billion and £18 billion.
In August of this year, the UK Supreme Court decided that banks are required to compensate customers only in the most severe instances of unethical lending.
The matter involved payments made by banks to automobile dealerships. In 2021, the FCA prohibited these commissions and started a review of previous contracts in 2024.
The FCA anticipates that consumers will get an average payout of £700.
source: ft.com
In August of this year, the UK Supreme Court decided that banks are required to compensate customers only in the most severe instances of unethical lending.
The matter involved payments made by banks to automobile dealerships. In 2021, the FCA prohibited these commissions and started a review of previous contracts in 2024.
The FCA anticipates that consumers will get an average payout of £700.
source: ft.com
