Car finance compensation update for millions of drivers due today View 4 Images

Millions of motorists will finally learn details of the long-awaited car finance compensation scheme later today.

The Financial Conduct Authority, the regulator, has previously estimated the potential payout at anywhere between £9billion and £18billion. It has confirmed that a consultation will be published, alongside a statement, on a proposed motor finance redress scheme shortly after stock markets close at 4.30pm.

Martin Lewis , the consumer champion from Moneysavingexpert.com, has calculated that as many as 14 million people could qualify.

The development follows evidence revealing that some motor dealers failed to inform purchasers that they were receiving commission from lenders on certain car

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