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Within hours of the Financial Conduct Authority revealing a review into the motor finance market, Martin Lewis, the consumer champion behind MoneySavingExpert, was on the case.

“HUGE announcement from @theFCA this morning,” he posted to his 2.6 million followers on X, the social media platform formerly known as Twitter, on January 11. “I’ve done back of the envelope numbers and at the top end this could be PPI-type scale.”

The scandal over mis-sold payment protection insurance policies ultimately left British banks footing a bill of about £50 billion in costs and compensation. Lewis believes that lenders could face a similar reckoning as a result of the FCA’s inquiry into potentially unfair discretionary commissions on car loans and is doing his best to ensure that happens,

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