The Independent is committed to covering essential issues including reproductive rights, climate change, and Big Tech developments. It emphasizes the importance of reporters on the ground to investigate and relay stories accurately. The organization relies on donations to provide access to journalism without paywalls. In financial news, expert Martin Lewis discussed a compensation scheme for drivers mis-sold car loans, with the Financial Conduct Authority preparing to determine payouts for impacted individuals. A recent Supreme Court ruling limits liability for lenders regarding hidden commission payments, influencing compensation eligibility for claims made.
Financial expert Martin Lewis has advised on the next steps for drivers who were mis-sold car loans, after a financial regulator said the industry could pay out up to 18bn in compensation.
The Financial Conduct Authority is launching a compensation consultation which will determine how much is paid out to millions of people who paid more interest than they knew about.
A Supreme Court ruling on Friday (1 August) found that lenders are not liable for hidden commission payments in car finance schemes, which means most of the claims will not go ahead.
Many cases in a separate strand of the car finance mis-selling case, which was not part of the Supreme Court ruling, are still likely to receive payouts, Mr. Lewis explained.
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