Millions of victims of car finance mis-selling could receive less compensation than previously estimated, under plans from the regulator.
The Financial Conduct Authority (FCA) said payouts could result from 14 million motor finance agreements between April 2007 and November 2004.
The regulator previously suggested motorists could receive less than £950 per deal, but it now says the average will be about £700. Lenders could pay out £8.2bn in compensation.
The payouts are over commission arrangements between lenders and dealers, unfair contracts, and inaccurate information given to car buyers.
