Overview

• The Supreme Court is expected to decide imminently whether lenders must compensate customers for undisclosed discretionary commission arrangements.
• The FCA has temporarily halted processing car finance complaints while it designs an automatic redress scheme to speed up payments.
• Consumers are warned to avoid claims management firms that can charge up to 30% of any award and reminded they can file complaints directly through the FCA for free.
• More than two million motorists have registered claims and lenders have set aside over £1.5 billion, with total compensation estimates reaching around £30 billion.
• Motoring experts are calling for standardized, transparent car finance terms to help consumers compare deals and prevent future mis-selling.