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.
It will mark the latest development in the looming crisis facing the motor finance industry, with major lenders on the hook for potentially billions of pounds’ worth of compensation.That said it was unlawful for car dealers to receive commission from lenders without receiving the customer’s fully informed consent to the payment.The decision opened the door for a potentially fresh wave of complaints from consumers who think they may have been mis-sold car finance in previous years.
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