Santander has agreed to pay compensation for its portion of unfair motor finance deals. Payouts are due on about 12.1 million mis-sold deals from an array of lenders at an average of £829 each, the financial watchdog said in March as it unveiled plans for its redress scheme. The Financial Conduct Authority (FCA) expects the total amount of redress paid under its scheme to be about £7.5 billion, based on about 75% of eligible consumers making a claim. It thinks millions of claims will be paid out this year and the vast majority settled by the end of 2027. A spokesperson for Santander said on Saturday: “We have decided not to challenge the schemes and will now focus on their implementation.” Lenders can start making payments immediately and people who have already complained are likely to get paid first, the FCA said at the end of last month. Most of the car finance deals covered involve so-called discretionary commission arrangements (DCAs), which were banned in 2021.…