What the motor finance ruling means for UK consumers and banks
The motor finance scandal has gripped the City of London's banking landscape over the last few years and put a number of Britain's biggest lenders in the hot seat. Lloyds Banking Group – which owns Britain’s largest vehicle financing firm Black Horse – was forced to set aside £1.2bn in provisions for potential compensation. The saga ramped up a notch when the Court of Appeal ruled it was unlawful for banks to pay a commission to a car dealer without the customer’s informed consent – these were dubbed “secret” commissions. But lenders Close Brothers and First Rand took their fight to the Supreme Court to successfully overturn the judgment. And this ruling has spared City banks a hefty bill that one analyst said could have topped £44bn. Click the related video link below to watch the full video on this story ▶️ #news #legal #business #businessnews #economy #economics #finance #financialnews #insurance #insurancecoverage #motorfinance #banking #bank #llyodsbank #barclays #santander #firstbank #supremecourt #treasury #uknews #ukeconomy #ukbusiness #ukfinance #closebrothers