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Investing.com -- The Financial Conduct Authority (FCA) of Britain has outlined the factors to consider in a potential compensation scheme for customers who have been affected by mis-sold car finance schemes.
This move could lead to a multibillion-pound consumer finance scandal in the country.
The FCA is currently waiting for a Supreme Court verdict, expected in July, to decide on upholding a prior ruling that found several such payments to be unlawful.
If the Supreme Court supports the previous ruling, this could necessitate a comprehensive compensation scheme for millions of customers.
The FCA has also stated that it is detailing the likely breadth and considerations of any consumer redress scheme. This is to ensure that, if necessary, they can swiftly implement such a scheme.
The organization is preparing to act promptly, should the Supreme Court verdict require a wide-ranging compensation scheme.
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