Two apparently diametrically opposed views of the likely extent of redress over car finance commissions were given. On his ITV Show, Money Show Live, Martin Lewis suggested that the FCA had indicated that if there is to be redress, finance companies will process it automatically. Just hours earlier, at a meeting of the Treasury Select Committee, Lloyds Banking Group’s CEO Charlie Nunn stated that there was no evidence of harm.

Yesterday the Government announced the next step in the torturously slow road to regulation of Buy Now Pay Later (BNPL), being the publication of draft legislation to bring BNPL under FCA regulation. City Minister Emma Reynolds said the new rules were designed to tackle a sense of “wild west” in the BNPL space. In this article, I suggest that by the time the Sheriff eventually arrives in town, the market could have already resolved the problem.

What to expect from the Supreme Court's motor finance commissions case and how finance companies can prepare for FCA redress guidance