A UK court ruling over commissions paid on motor finance could potentially leave Bank of Ireland with a large compensation bill. Photograph: PAhas shrunk its retail UK loan book by almost a third to €16 billion since the onset of the pandemic four years ago, as it pursues a “value over volume” strategy in a cut-throat market.
Your work questions answered: My hours have been cut but someone new has been hired. Can my employer do this?It’s a jewel in what remains of the bank’s crown in the UK. Northridge, based in Belfast, made net profit last year of £39.9 million – equating to 1.5 per cent of its total assets. That was 50 per cent higher than the wider group’s return on assets in an exceptional year amid elevated interest rates. It was also more than double the average 0.
The court said it was unlawful for a car dealer to receive a commission from a motor finance lender, if the customer had not given informed consent. This has set a bar higher than required by the FCA. The ruling has undermined this. As it stands, the current ruling piles pressure on the regulator to impose a large compensation scheme on lenders. But how can the FCA announce its findings until there is legal certainty on the test cases?
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