Millions of drivers could be in line for pay outs over mis-sold car loans.
The financial regulator says it’s preparing to consult on a compensation scheme that could be worth up to £18 billion.
It follows the Supreme Court ruling that hidden commissions from lenders to car dealers on loans were not against the law while leaving open the possibility of compensation claims for large commissions that it believed were unfair.
If the scheme goes ahead, it’s expected that the first payouts would begin next year but there is likely to be many motorists who could be eligible – specifically those who took out loans before 2021.
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