Martin Lewis is said a new development in an ongoing legal case which could impact on anyone who has bought a car on finance. Appearing on Good Morning Britain today, the personal finance expert has previously said all car drivers who bought a vehicle on finance could be in line for an average payout of £1,100 if an investigation finds in their favour.
This was known as a discretionary commission arrangement and it may have been applied to a person’s loan without them knowing. The FCA banned this in 2021 but there have since been a high number of complaints from customers about how much they were charged before the ban. He said that this morning, the regulator, The FCA, announced it’s consulting for two weeks on extending the time firms have to handle motor finance commission complaints. He said: “This is on the back of a Court of Appeal ruling a couple of weeks ago and the extension is to incorporate a potential Supreme Court decision.