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#9 FCA’s proposed Car Finance Redress Scheme EXPLAINED
What is the FCA’s proposed car finance redress scheme, and how does it affect you?
The FCA has announced a potential industry wide redress scheme for car finance mis-selling, but will it truly deliver fair compensation for consumers?
With lenders setting aside only £1.7 billion for redress while estimates suggest the real figure could exceed £90 billion, there are serious concerns about whether consumers will receive the compensation they deserve.
In this episode, Sam Ward sits down with Mike Arnall, Director of Operations at Sentinel Legal, to discuss:
- What the FCA’s redress scheme really means for consumers
- Why banks have underreported their financial exposure and may owe billions more
- The Supreme Court’s decision to block Treasury’s intervention and what it means for compensation claims
- The hidden commission structures that cost consumers thousands without their knowledge
- Why taking action now is critical before lenders attempt to limit payouts
How do I check if I was mis-sold car finance? Sentinel Legal is leading the fight to hold lenders accountable, ensuring every affected consumer can claim what they are owed.
Check if you’re owed thousands - Start Your Car Finance Claim Now: https://nl.sentinellegal.co.uk/start
Timestamps
00:00 – Introduction to the FCA’s car finance redress scheme
02:15 – What is the FCA’s car finance redress scheme, and how does it affect me?
06:30 – How Santander paid £14.96 million in advanced commissions to lock consumers into high-cost finance deals
10:45 – Supreme Court rejects Treasury’s intervention – what does this mean for claims?
15:20 – FOS fee scandal – how lenders will use fees to block consumer complaints
20:35 – Lloyds Banking Group’s £1.15 billion provision – why it is still not enough
24:50 – The FCA’s failure to regulate hidden commissions for over a decade
29:10 – Will a judicial review of the FCA’s redress scheme be necessary?
33:45 – What happens next – Supreme Court ruling and how lenders will react
38:20 – How much compensation could I get for a mis-sold PCP or HP finance deal?
Instagram: @SentinelLegal_
TikTok: @SentinelLegal
Twitter (X): @SentinelLegal_
YouTube: Sentinel Legal
View all episodes
By Sentinel LegalWhat is the FCA’s proposed car finance redress scheme, and how does it affect you?
The FCA has announced a potential industry wide redress scheme for car finance mis-selling, but will it truly deliver fair compensation for consumers?
With lenders setting aside only £1.7 billion for redress while estimates suggest the real figure could exceed £90 billion, there are serious concerns about whether consumers will receive the compensation they deserve.
In this episode, Sam Ward sits down with Mike Arnall, Director of Operations at Sentinel Legal, to discuss:
- What the FCA’s redress scheme really means for consumers
- Why banks have underreported their financial exposure and may owe billions more
- The Supreme Court’s decision to block Treasury’s intervention and what it means for compensation claims
- The hidden commission structures that cost consumers thousands without their knowledge
- Why taking action now is critical before lenders attempt to limit payouts
How do I check if I was mis-sold car finance? Sentinel Legal is leading the fight to hold lenders accountable, ensuring every affected consumer can claim what they are owed.
Check if you’re owed thousands - Start Your Car Finance Claim Now: https://nl.sentinellegal.co.uk/start
Timestamps
00:00 – Introduction to the FCA’s car finance redress scheme
02:15 – What is the FCA’s car finance redress scheme, and how does it affect me?
06:30 – How Santander paid £14.96 million in advanced commissions to lock consumers into high-cost finance deals
10:45 – Supreme Court rejects Treasury’s intervention – what does this mean for claims?
15:20 – FOS fee scandal – how lenders will use fees to block consumer complaints
20:35 – Lloyds Banking Group’s £1.15 billion provision – why it is still not enough
24:50 – The FCA’s failure to regulate hidden commissions for over a decade
29:10 – Will a judicial review of the FCA’s redress scheme be necessary?
33:45 – What happens next – Supreme Court ruling and how lenders will react
38:20 – How much compensation could I get for a mis-sold PCP or HP finance deal?
Instagram: @SentinelLegal_
TikTok: @SentinelLegal
Twitter (X): @SentinelLegal_
YouTube: Sentinel Legal