APPG urges review of FCA car finance compensation

An All-Party Parliamentary Group urged the UK Financial Conduct Authority to revisit its proposed car finance mis-selling compensation scheme, citing analysis of 4.1 million claims by Courmacs Legal. The report estimates average discretionary commission court payouts of £1,500 versus £518 under the FCA plan, court redress of £6.5bn, and lenders retaining £7.4bn. The FCA defends the scheme, due next year.