Millions of drivers who were mis-sold motor finance agreements should receive compensation this year, averaging around £829 per person, under plans by the regulator.

The Financial Conduct Authority (FCA) has set out its proposal for a redress scheme totalling £9.1bn, which will see fewer loan agreements eligible for compensation.

Some 12.1 million motor finance deals will meet the new criteria, down from initial estimates of 14.2 million.

The vast majority of new cars, and many second-hand ones, are bought with finance agreements.

In 2021, the FCA banned deals where car dealers received commission from lenders, based on the interest rate charged to the customer. These were known as discretionary commission arrangements (DCAs) and were often not disclosed.

The FCA said this provided an incentive for a buyer to be charged higher interest rates than necessary, leaving them paying too much.

The regulator's central compensation scheme allows people to complain and potentially receive compensation for mis-sold deals, without the need for a lawyer or to go through the courts.

Some may still decide to take a legal route. The FCA scheme could still be challenged by lenders and lawyers.

Major lenders have set aside tens of millions of pounds to cover the cost of compensation.

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