The UK Supreme Court's ruling on car finance mis-selling has closed the door on potential compensation claims for millions of motorists. While the court rejected claims based on hidden commission payments, it acknowledged potential claims for unfair, large commissions. One claimant received compensation for an unfair relationship with a lender, but others will miss out. The Financial Conduct Authority (FCA) will determine if a compensation scheme is needed by Monday, aiming for implementation next year if approved. While the ruling is a setback for many, some affected individuals plan to pursue individual claims, and the potential compensation bill is reduced from £30bn to £5bn-£13bn.

Prepared by Christopher Adams and reviewed by editorial team.