The UK car finance scandal explained and are Irish consumers impacted?

Bank of Ireland has more the doubled the funds set aside to compensate customers

The FCA said it estimated that 14.2m loan agreements – 44% of all those made since 2007 – would be considered unfair and therefore due compensation.

Millions of people in the UK are on track to receive payouts averaging £700 (€806) in a compensation scheme for victims of a car finance scandal.

This is to do with the alleged mass mis-selling of car loans – a scandal that involved “secret” commission payments by lenders to car dealers, and millions of car buyers unknowingly paying more for their finance than they should have.