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Millions of motorists are set to finally get details of the much-anticipated car finance compensation scheme later today.

The Financial Conduct Authority regulator has previously estimated the potential payout could range anywhere from £9billion to £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.

Consumer champion Martin Lewis , of Moneysavingexpert.com, has calculated that as many as 14 million people could be entitled to compensation. The development comes after evidence emerged that some motor dealers failed to inform purchasers that they were receiving commission from lenders on certain car finance deals they arranged.

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