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UK Supreme Court ruling on motor finance commissions went 'too far,' watchdog says

Britain's financial watchdog told the UK's Supreme Court that a landmark ruling on motor finance commissions went "too far," as a key appeal which will inform a potentially multi-billion pound consumer redress scheme began on Tuesday.

The UK's Financial Conduct Authority (FCA) has expressed concerns that a recent Supreme Court ruling on motor finance commissions may have overreached, potentially leading to a surge in customer complaints and compensation claims. The ruling, which found that Black Horse, a subsidiary of Lloyds Banking Group, had mis-sold car loans by not disclosing commission arrangements to customers, could set a precedent for similar cases. The FCA is now reviewing its approach to handling such complaints and is considering whether to extend the time limit for customers to file claims, which could result in significant costs for the motor finance industry. The watchdog is also examining whether the ruling could impact other sectors where commissions are involved, such as insurance and mortgages.

Read the Full Reuters Article at:
https://www.msn.com/en-gb/money/other/uk-supreme-court-ruling-on-motor-finance-commissions-went-too-far-watchdog-says/ar-AA1C57tz