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Under the FCA's plans, providers will have until December to consider and respond to complaints - but those cases will be hugely dependant on the judgement of the Supreme Court judges.

A FCA spokesperson said the size of the redress scheme did not reflect investment losses due to the underperformance of the fund.

The FCA says the scheme offers the "quickest and best chance" of getting a "better outcome than might be achieved by other means".

It came after the FCA investigated and three investor groups filed lawsuits over the way LFS had managed the fund.

The FCA said that the decision could lead to dealers and motor finance providers receiving a deluge of new complaints, and it is urging people to make a claim if they feel they were the victims of mis-selling.