00:00Millions of drivers will miss out on compensation after the Supreme Court ruled that lenders are
00:04not responsible for hidden commission payments in car finance deals. Two banks, First Rand and
00:10Close Brothers, had challenged a previous ruling that said secret commissions paid to car dealers
00:15without drivers knowing were unlawful. These deals happened before 2021. The Supreme Court's
00:23decision means most claims will now be blocked. Only the most serious cases might still get
00:29compensation. This protects banks from a massive wave of payouts. Experts now think banks will pay
00:36out between 5 billion and 15 billion, far less than the 45 billion they feared if the ruling had
00:41gone the other way. That would have been on the same scale as the PPI scandal, which cost banks
00:47nearly 50 billion. The Treasury also avoids a potential crisis. A bigger payout could have
00:53forced the government to step in, as it would have threatened plans to grow the economy.
