Business and Finance
Source: (remove) : London Evening Standard
RSS • JSON • XML • CSV
Business and Finance
Source: (remove) : London Evening Standard
RSS • JSON • XML • CSV

UK's highest court to hear appeal on car finance mis-selling


Published on 2024-12-11 09:40:48 - London Evening Standard
  Print publication without navigation

  • Close Brothers has been granted permission by the UK's highest court to appeal against a landmark ruling on hidden motor finance commission, sending bank shares higher on Wednesday. The banking group submitted an application to the Supreme Court to challenge an earlier judgment in the Court of Appeal.

The UK's Supreme Court is set to hear an appeal regarding the misselling of car finance, focusing on whether car dealers should be held accountable for misrepresenting the cost of finance deals. This case stems from a 2019 ruling by the Financial Conduct Authority (FCA) which stated that car dealers were not directly responsible for the mis-selling of finance products, as they were not regulated by the FCA in the same way banks and finance companies are. However, the appeal, brought by consumer advocate Louise Barron, challenges this decision, arguing that dealers should be liable for misleading customers about the terms of car finance agreements. The outcome of this appeal could have significant implications for the automotive finance industry, potentially leading to compensation for affected consumers and changes in how car finance is regulated and sold.

Read the Full London Evening Standard Article at:
[ https://www.standard.co.uk/business/business-news/uk-s-highest-court-to-hear-appeal-on-car-finance-misselling-b1199413.html ]