Shares in British lenders surged on Monday after a Supreme Court ruling on motor finance claims last week went largely in their favour, although it still left banks facing billions of pounds of potential compensation claims collectively.

The Supreme Court partially upholds an appeal from lenders, who had faced potentially paying compensation to millions of motorists.

Millions of drivers potentially owed compensation over hidden commission payments in car finance schemes could still be able to claim – but they need to “be patient” for a potential automatic repayment scheme, money expert Martin Lewis said.