City regulator urges judges to dismiss larger payout claims in car loans scandal

Britain's financial regulator is trying to throw a consumer group out of court in the ongoing motor finance scandal. According to The Guardian, the FCA alleges the group's co-founders haven't been transparent about their funding and potential conflicts of interest. The group is the only party arguing for larger compensation payouts. The motor finance scandal—centered on mis-sold car loans—has proven so costly that banks have lobbied heavily against increased payouts, and even prompted intervention from Chancellor Rachel Reeves.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton