The Supreme Court is set to issue a landmark ruling on whether millions of drivers were mis-sold car loans by banks and motor dealers.
Britain’s highest court will deliver its judgment at 4.35pm today, with analysts suggesting a ruling against the banks could trigger an estimated £44bn compensation payout for drivers.
The judges will decide whether drivers should have been told about commissions paid to car dealers by banks who arranged loans for customers.
A Court of Appeal judgment in October ruled that these amounted to “secret” commissions and drivers should have been informed.
If the Supreme Court upholds the Court of Appeal’s ruling it could lead to another PPI-style redress scheme, which cost banks £38bn.
