Santander delays Q3 results due to uncertainty over UK motor finance redress scheme affecting 14 million loans.

Santander UK has delayed releasing its third-quarter results due to uncertainty over the UK’s proposed motor finance redress scheme, which could affect around 14 million unfairly sold car loans with average payouts of £700. The bank, which has set aside £295 million for potential compensation, says it needs more clarity on the Financial Conduct Authority’s final plan. CEO Mike Regnier urged the UK government to intervene, warning the scheme could disrupt credit availability, harm the automotive sector, and lead to job losses. Santander maintains the redress would not materially impact its financial stability. The FCA says the compensation plan is the fairest way to resolve past misconduct and restore trust in the market. Final results are expected early next year.