Lloyds boss warns of UK ‘investability problem’ after motor finance ruling

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Sector left reeling after court backs consumer complaints about ‘secret commissions’ on car loans

Lloyds Banking Group chief executive Charlie Nunn said the UK faces an “investability problem” after a landmark court ruling in October left the motor finance industry in disarray. The industry has been reeling since the Court of Appeal ruled it was unlawful for car dealers to receive commissions from motor finance providers, unless such payments had been disclosed to the customer and consent had been given.

that is at odds with the last 30 years of regulation,” Nunn told the FT Global Banking summit on Wednesday.“Investors are telling us they’re really concerned about the uncertainty that . . . it creates an investability problem,” he added. Shares in some of the biggest providers of motor finance, including FTSE 250 lender Close Brothers, have fallen sharply since the court ruling. Car finance sales practices had already drawn the scrutiny of regulators.

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Nederland Laatste Nieuws, Nederland Headlines