Martin Lewis has revealed which drivers will receive compensation payouts later this year as a result of a major car finance investigation.

The Financial Conduct Authority (FCA) is looking into possible “widespread misconduct” among motor finance firms around discretionary commission arrangements.

It comes after concerns that car finance lenders may have added bonus commission fees to brokers and car dealers meaning many customers overpaid without knowing.

Martin has continued to raise awareness of the issue as he urged motorists to send off complaints.

A template put together by his MoneySavingExpert site received over 500,000 complaints within the first week.

Mr Lewis admits some motorists may have already received a reply from their lender explaining their situation.

The finance guru said motorists who receive one type of message from their lender may be more likely to receive payouts than others.

Writing in his MoneySaving Expert newsletter, Martin said: “Told ‘You had a discretionary commission arrangement (DCA) & we’ve logged your complaint.’

“Great. You’re potentially in line for a payout if and when the FCA rules in September.

“Your complaint is logged, you’ve done all needed for now (unless it requests further info). Now it’s just a wait.”

However, Martin reassured drivers that it was not unusual to have not heard anything at this stage of the process.

Sending a complaint still gives finance firms 28 days to respond with companies still positioning to deal with the ongoing crisis.

Martin added: “This number of complaints at speed is unprecedented. Many firms simply weren’t prepared.

“A few are setting up special departments (and have requested we change the email addresses in the tool to help).

“So if you haven’t had a reply acknowledging delivery yet, don’t panic, they’re likely just swamped.”

The FCA launched their investigation after the Financial Ombudsman sided with two drivers in recent complaints.

Officials stressed this was likely to “prompt a significant increase in complaints from consumers to firms”.

Martin Lewis has previously claimed “millions” could be owed money with around 40 percent of complainants likely to be successful.

He has also stated road users could expect an estimated payout of around £1,100 based on previous cases.

Martin added: “The Financial Conduct Authority (FCA), estimates 40 percent of finance agreements had these dodgy commission arrangements (you won’t know if you did as it was hidden) and the average payout per arrangement may be £1,100.

“So that potentially equates to up to £234 million coming back to people.”

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Post source: Express