Why millions of motorists denied payouts after car finance court ruling
This decision significantly reduces the potential compensation payout for lenders from an estimated £45bn to between £5bn and £15bn.
The court rejected arguments that the payments were 'bribes' or that car dealers had a 'fiduciary duty' to customers, but upheld one case where the finance relationship was deemed unfair.
Despite the ruling, consumers who paid particularly large commissions may still be eligible for compensation under the Consumer Credit Act.
The Financial Conduct Authority is expected to announce a redress scheme for cases where the relationship is deemed unfair, with experts advising consumers to await further guidance.
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