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Close Brothers Gets Top Court Appeal of Motor Finance Ruling


//business-finance.news-articles.net/content/202 .. ts-top-court-appeal-of-motor-finance-ruling.html
Published in Business and Finance on Wednesday, December 11th 2024 at 16:41 GMT by Bloomberg L.P.   Print publication without navigation

  • The UK's Supreme Court agreed to hear a landmark appeal by motor finance companies early next year, sending shares of British lenders soaring.

Close Brothers Group Plc has been granted permission to appeal a High Court ruling that could have significant implications for the UK motor finance industry. The ruling in question pertains to a case involving over 1,000 claims against the company for alleged undisclosed commission arrangements with car dealers, which could lead to substantial compensation payouts if upheld. The appeal, set to be heard in the Court of Appeal, aims to clarify the legal responsibilities of finance providers in disclosing such arrangements to customers. This development comes amidst growing scrutiny of the motor finance sector, with the Financial Conduct Authority (FCA) also examining similar practices. The outcome of this appeal could set a precedent for how such cases are handled in the future, potentially affecting numerous similar claims and the overall regulatory framework for motor finance in the UK.

Read the Full Bloomberg L.P. Article at:
[ https://www.bloomberg.com/news/articles/2024-12-11/close-brothers-granted-permission-to-appeal-motor-finance-ruling ]

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