The FCA is currently consulting on details of a compensation scheme for drivers who were unfairly sold a car finance deal between 2007 and 2024

The financial watchdog has issued an update for millions of drivers who are waiting for further details of a major car finance compensation scheme.

The Financial Conduct Authority (FCA) is currently consulting on details of a compensation scheme for drivers who were unfairly sold a car finance deal between 2007 and 2024 because they were not properly informed about the commission paid to brokers.

Drivers may be due compensation if they had a car finance deal which contained a discretionary commission arrangement (DCAs) which is where brokers and car deals were able to increase interest rates on car loans so they could get more commission.

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