'I feel deflated by court's car finance ruling'
Summary
The Supreme Court ruled that millions of motorists cannot claim compensation for hidden commissions on car loans, overturning previous decisions that found these payments unlawful. Andrew Wrench, a claimant from Stoke-on-Trent, expressed disappointment but noted that the judgment allows potential compensation claims for larger unfair commissions. The Financial Conduct Authority plans to start consultations on compensation eligibility in October, with payments expected next year.Key Facts
- The Supreme Court ruled against compensation for hidden commissions on car loans.
- Andrew Wrench, a claimant, expressed feeling let down by the decision.
- The court's ruling overturns earlier judgments that found such payments unlawful.
- Despite the ruling, claims for larger unfair commissions remain possible.
- The Financial Conduct Authority will start consultations in October 2023.
- Compensation payments are expected to begin next year.
- The proposed compensation could be less than £950 per deal.
- Wrench encouraged finance companies to apologize to consumers.
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