Martin Lewis has provided an update regarding potential car finance compensation, indicating that payouts are likely to be part of a "mass redress scheme". The renowned BBC and ITV personality took to Twitter to discuss the possibility of £1,100 compensations for individuals impacted by the car finance scandal, which some believe could surpass the PPI issue in scale, reports Birmingham Live.
Mr. Lewis commented: "The FCA has formalised the pause on car finance Commission Disclosure complaints until Dec 2025. Crucially it has also said this WILL include car leasing ." "It applies to up to 99% of car finance cases. The fact leasing has been brought into scope significantly widens the potential number of complainants. Yet all this is dependent on the Supreme Court agreeing with the Court of Appeal when it hears the appeal in Spring, and that is far from certain."