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flag UK's FCA prepares industry-wide compensation for car finance mis-selling, potentially aiding millions.

flag The UK's Financial Conduct Authority (FCA) is preparing for a potential industry-wide compensation scheme for car finance mis-selling. flag If approved, lenders will proactively contact affected borrowers to offer compensation, without the need for individual complaints. flag The scheme covers two main issues: Discretionary Commission Arrangements (DCAs) and Commission Disclosure complaints. flag The Supreme Court's decision in early April will determine the scope of the compensation, potentially benefiting millions of car buyers and costing billions.

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