Alex McIntyre
BBC News, West Midlands
Stuart George
BBC Radio Stoke
BBC
Andrew Wrench said he felt “let down” by the Supreme Court’s ruling
A claimant says he feels “deflated” by a Supreme Court decision which meant millions of motorists would not be able to claim compensation for hidden commissions paid on car loans.
Andrew Wrench, from Trentham, Stoke-on-Trent, was unsuccessful in his legal bid against finance firms after he noticed a commission payment “buried” in his contract two years ago.
He said he felt “let down” by Friday’s decision, which reversed earlier court rulings that found the payments to car dealers were unlawful.
The director general of the Finance and Leasing Association, Stephen Haddrill, previously said the court’s “excellent” judgement “restored certainty and clarity” to the car market.
“The journey has been up and down… I was a bit apprehensive thinking which way this was going to go,” Mr Wrench told BBC Radio Stoke.
He added: “I felt a bit deflated, a little bit low. It takes a lot to bring me down but after two-and-a-bit years of fighting long and hard, I really thought [the judges] would see sense.”
Mr Wrench described the hidden commissions as “deceitful” and said firms should be more up front about the payments.
“I won’t be approaching certain finance companies in the future because I feel they’ve let people down,” he said.
Andrew Wrench
Andrew Wrench feels the hidden commission payments are “deceitful”
Mr Wrench was one of the three claimants involved in Friday’s court proceedings and one of two who lost their cases.
While the hidden payments were ruled not unlawful, the judgement left open the possibility of compensation claims for larger commissions, which the Supreme Court said were unfair.
Following the ruling, the Financial Conduct Authority (FCA) said the consultation on who should be eligible for compensation and what they should receive would begin in October, with the first payments expected next year.
Victims were likely to receive less than £950 per deal under the proposed compensation scheme, the regulator said.
‘I felt let down by the decision’
Mr Wrench urged car finance companies to contact consumers directly to apologise and offer compensation and said he was still glad he had pursued the firms through the courts.
“I wasn’t in it for the financial gain but I would do it again,” he added. “I do believe I’ve unearthed a lot of truth.”