"The UK arm of Santander said it had set aside a further £183 million to cover compensation linked to unfair car loan commission arrangements between lenders and dealers, taking its total provision for the scandal to £461 million. However, the lender accused the Financial Conduct Authority of regulatory overreach, arguing that the proposed redress scheme goes beyond reversing customer harm and risks creating wider economic damage."
"Santander said the regulator's plans for a compensation programme, which could total as much as £11 billion across the industry, lack sufficient clarity and extend beyond addressing proven financial loss. The bank warned that the proposals could ultimately harm consumers, jobs and competition in the lending market. Mike Regnier, chief executive of Santander UK, has previously urged the government to intervene, arguing that the current framework risks unintended consequences."
Santander UK increased its provision for compensation by £183 million, bringing total set-aside for unfair car loan commission arrangements to £461 million. The bank accused the Financial Conduct Authority of regulatory overreach, saying the proposed redress scheme exceeds reversing customer harm and risks wider economic damage. Santander warned that an industry-wide compensation programme potentially up to £11 billion lacks clarity and could harm consumers, jobs and competition. Santander UK reported a 14% rise in pre-tax profits to £1.5 billion for 2025, while parent Banco Santander posted record net profits and announced a $12.2 billion takeover of Webster Bank in the US.
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