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Details of the highly anticipated car finance compensation scheme are set to be released today, potentially benefiting millions of drivers.

The Financial Conduct Authority (FCA), the regulator overseeing the scheme, has previously estimated that the total payout could range from £9 billion to £18 billion. The FCA confirmed that a consultation and statement regarding the proposed motor finance redress scheme will be issued shortly after the stock market closes at 4.30pm.

Consumer advocate Martin Lewis , from Moneysavingexpert.com, has suggested that up to 14 million people could be eligible for compensation. This follows evidence that some car dealers failed to disclose to buyers that they were earning commission from lenders on certain car finance deals.

The FCA int

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