Thousands of motorists who bought cars on finance before 2021 could be set for payouts as the Financial Conduct Authority (FCA) has said it will consult on a compensation scheme. In a statement released on Sunday, the FCA said its review of the past use of motor finance "has shown that many firms were not complying with the law or our disclosure rules that were in force when they sold loans to consumers". "Where consumers have lost out, they should be appropriately compensated in an orderly, consistent and efficient way," the statement continued. Read more: https://news.sky.com/story/fca-considering-compensation-scheme-over-car-finance-scandal-raising-hopes-of-payouts-for-motorists-13406307 SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews Follow us on TikTok: https://www.tiktok.com/@skynews Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/ For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales