Plan to cut payouts are a ‘kick in the teeth’ for millions of motorists

The financial watchdog’s plans to cut payouts for millions of victims of car finance mis-selling has been branded a ‘kick in the teeth’ for consumers. The Financial Conduct Authority (FCA) had suggested motorists could receive less than £950 per deal, but it now says the average will be about £700 per agreement. Payouts could result from 14 million motor finance agreements between April 2007 and November 2024. Around two million are sold this way each year, with customers paying an…