FCA Head Says Car Loan Claims to Be Lower Than PPI: Sunday Times
'We would expect any outcome — if we are to move forward with an industrywide compensation scheme — to be substantially less than the PPI episode,' Rathi said in an interview with the Sunday Times. Compensation for PPI claims, where lenders sold insurance borrowers didn't need, cost the banks at least £35 billion ($46.5 billion).
Rathi's comments come after a Supreme Court judgment on Friday overturned prior rulings that lenders feared would force them to pay huge amounts in compensation for many used car loans they had sold. The top court said car dealers can act in their commercial interests and dismissed most of the arguments that dealers selling loans for lenders must obtain consumers' informed consent to charge commission.
Meetings are being held on Sunday afternoon between the FCA, investors and analysts, according to an FCA spokesperson. The regulator said it would confirm before markets open on Monday whether it would go ahead with its plans to propose a redress scheme for consumers.
Professional services firm BDO said the judgment could still result in redress of between £5 billion and £13 billion, or more, with clarity needed from the FCA about its next steps. Before Friday's ruling, analysts had estimated that the total bill for compensation could top £30 billion.
More stories like this are available on bloomberg.com
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