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The money expert Martin Lewis says a new investigation into alleged mis-selling of finance deals on vehicles could eventually see payouts of around 13 billion pounds in compensation.

The Financial Conduct Authority is looking into whether millions of motorists were overcharged interest payments when buying cars, motorbikes, vans and camper-vans. Martin says if the FCA decides that so-called ‘discretionary commission arrangements’ were a form of mis-selling it could lead to huge payouts.

"We're talking here about £13 billion... It surprises me we haven't seen share prices drop of some of the big firms off the back of this", Martin warned.

"This is enormous... we're talking about the systematic, mass scale mis-selling".

He said that less than 24 hours after he started telling people about the issues, 130,000 complaint letters have already been generated with a likely average payout of £1,100 for each.

This clip was originally from Nihal Arthanayake on 7 February 2024.

Listen to the full Martin Lewis podcast on Â鶹Éç Sounds.

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