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UK FCA prepares for redress program ahead of judgment on car finance mis-selling

( June 5, 2025, 07:01 GMT | Official Statement) -- MLex Summary: The UK's Financial Conduct Authority has outlined its work on a potential redress program for consumers who overpaid for car finance as Britain's Supreme Court is set to decide in July whether hidden commissions paid from car finance lenders to dealers without the customer's consent were unlawful. Should the court find those commissions to be illegal, the authority would consult with the industry about a redress program within six weeks after the judgment, the FCA said. The watchdog is considering whether to have an opt-in program where customers would be automatically included or an opt-out one where they would have to confirm by a certain date that they wish to be included. The FCA is also considering what the appropriate compensation should be.  Statement is attached....

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