00:00Hello, I'm Greg Wright of the Yorkshire Post.
00:04Compensation payouts on around 40 million unfair motor finance deals could start next year at an average of about £700 each under the UK Financial Watchdog's proposed scheme.
00:19The Financial Conduct Authority estimated its redress scheme could cost lenders £8.2 billion in compensation based on about 85% of eligible consumers taking part.
00:34The figure rises to £9.7 billion if all eligible consumers are compensated, which it said was very unlikely.
00:43My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
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