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Millions of UK drivers could be entitled to payouts of nearly £1,000 in relation to a car finance compensation scheme.
The Financial Conduct Authority (FCA) said it will make an announcement later on today (October 7) regarding the compensation.
This statement is expected to be just after 4pm this afternoon after the markets close.
News of the announcement comes as the watchdog has been consulting a redress scheme for motorists who were unfairly hit with extra fees and interest.
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This occurred despite a Supreme Court ruling which decided that hidden commission from lenders to dealers was not unlawful, meaning millions of people could no longer lodge a claim regarding the issue.
However, the judgemen