Drivers who bought their car on finance could still claim back up to £950 as part of a long-running investigating into hidden commission, despite a landmark court win for lenders last week.
On Friday the Supreme Court spared the car finance industry from a worst-case scenario, which could have resulted in paying out a total of £44 billion to 15 million drivers.
But the ruling was swiftly followed by intervention by the Financial Conduct Authority (FCA), the City watchdog, which yesterday announced it would consult on a redress scheme that could see lenders on the hook for a total compensation bill of between £9 billion and £18 billion.
The FCA is expected to confirm the details of its consultation in October and the first compensation payouts could start next year — so what does it mean for drivers, and will you be eligible for a payout?
What have lenders done wrong?
