Motorists 'owed' hundreds more as UK watchdog under fire for failing to offer fair settlement
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A major consumer group has launched a legal challenge against the Financial Conduct Authority, claiming its £9.1billion car finance compensation scheme is unfair to drivers and benefits lenders instead.Consumer Voice warned millions of motorists could miss out on money they are owed and has formally told the regulator it will take the case to the Upper Tribunal.If successful, the challenge could force lenders to pay billions more in compensation.
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This is the first time a consumer group has taken legal action against a UK regulator over a compensation scheme of this kind.
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The FCA's plan, introduced at the end of March, covers more than 12 million car finance agreements dating back to 2007.
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On average, drivers are expected to receive around £830 each.
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TRENDING Stories Videos Your Say But in a controversial move, the regulator confirmed that 4.7 million agreements identified as mis-sold will not receive any compensation under the current scheme.
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