UK regulator has tightened up the conditions for compensationThe UK’s motor finance industry will pay about £2bn (€2.3bn) less than expected on a revised redress programme for consumers who were mis-sold car loans. That approach will be welcomed by the firms affected, which include Bank of Ireland, as well as Lloyds, plus car firms with lending operations such as Mercedes-Benz. Mercedes-Benz, Bank of Ireland and Barclays are among the firms to have taken nine-figure charges. Based on the FCA’s proposals last autumn, Bank of Ireland said it estimated the provision could increase to about £350m. Bank of Ireland said it was committed to achieving a fair outcome for customers and ensuring that appropriate redress is provided where loss had occurred.

Source: Irish Independent March 30, 2026 20:49 UTC