The Court of Appeal has ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment.
Shares in Lloyds Banking Group and Close Brothers slid further on Monday after a landmark London court ruling that could expose motor finance providers to billions of pounds in extra compensation.
New Judgment gives the opinion that it is/was unlawful for car dealers to accept commissions from lenders without obtaining informed customer consent.
The chancellor, Rachel Reeves, has launched a bid to intervene in a supreme court hearing in the car finance commission scandal that could reduce the £30bn-plus compensation bill lenders currently face.
Renault claims open mid March 2025.
Who can claim?
Owned: Sept 2009 – 2018
Manufactured: Sept 2009 – 2018
Judges at the supreme court rejected the chancellor’s application, lodged last month, in which she urged them to avoid handing “windfall” compensation to borrowers….
NISSAN claims open mid March 2025.
Who can claim?
Owned: Sept 2009 – 2018
Manufactured: Sept 2009 – 2018
Mercedes claims reopen mid March 2025.
Who can claim?
Owned: Sept 2009 – 2018
Manufactured: Sept 2009 – 2018