UK Says Lenders Face £8.2 Billion Bill on Missold Car Loans (3)

The UK’s Financial Conduct Authority said it now expects some of the country’s biggest auto lenders will spend £8.2 billion ($11 billion) to compensate customers who were missold car loans.

Getting the refund program up and running will cost lenders another £2.8 billion, bringing the total cost to £11 billion, the FCA said. That’s lower than the midpoint of a range the watchdog previously provided.

“We found widespread failures to disclose as was required by the law and regulation at the time and potential significant misselling and overcharging in some cases,” Nikhil Rathi, chief executive of the FCA, said ...