The UK Supreme Court has ruled that lenders no longer have to pay compensation to millions of car finance borrowers. The decision reverses a lower court’s ruling, which found that car dealers had a duty to act in the interests of buyers when selling cars on finance. This means that large-scale claims for compensation are likely to be reduced.
One case study showed a successful claimant receiving compensation, but others are concerned. Martin Lewis, a consumer expert, advises borrowers not to take action until a potential redress scheme is established by the Financial Conduct Authority. The FCA has announced it will quickly decide on a plan before Monday morning.
Source: https://www.bbc.com/news/live/cqjy087n9j2t