Car finance victims to get an average £830 payout but fewer loans eligible

City regulator reduces number of loan agreements in line for compensation from 14m to 12m

• Explainer: how will the payout scheme work?

Victims of the car finance scandal will be in line for payouts worth 830 on average, as the City regulator tightened the rules of its compensation scheme to cover fewer contracts.

The Financial Conduct Authority (FCA) released the final details of its planned redress programme, saying it had narrowed the number of loan agreements eligible for payouts from 14m to 12.1m contracts.