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Martin Lewis(Image: ITV)<\/p>\nA court hearing is underway into the finance mis-sellingMartin Lewis(Image: ITV)<\/p>\n
Martin Lewis<\/a> has issued an important update as thousands across the country eagerly wait to see if they are owed compensation over mis-sold car finance deals.<\/p>\n This week sees the Supreme Court begin its hearing into whether it will uphold the Court of Appeal’s decision that all car finance agreements with hidden commission were unlawful.<\/p>\n The Financial Conduct Authority (FCA) issued a statement last month saying that it wants \u201cto provide as much certainty as possible to firms, consumers and stakeholders\u201d. The regulator is currently reviewing the past use of motor finance discretionary commission arrangements (DCAs).<\/p>\n \u200cIt is seeking to understand if firms failed to comply with requirements relating to DCAs and if consumers lost out as a result. Since the regulator launched its review, a ruling by the Court of Appeal has raised the possibility of widespread liability among motor finance firms, wherever commissions were not properly disclosed to customers.<\/p>\n The hearing began yesterday (April 1) and is expected to be concluded tomorrow but the decision could take months. The two different types of finance mis-selling are discretionary commission arrangements (DCAs), although this is not part of the Supreme Court case, and Commission Disclosure complaints.<\/p>\n DCAs apply to around 40% of car deals, according to MoneySavingExpert.com<\/a>, and is where brokers could increase the amount of interest paid by the customers without telling them on both personal contract purchase and hire purchases up to 2021.<\/p>\n Commission disclosure is based on the Court of Appeal’s ruling that if the finance agreements didn’t tell customers all details of the commission they were unlawful. MSE explained this applied to the majority of cases.<\/p>\n