Tag Archives: Supreme Court

Barclays has set aside £90m for historic motor finance commission redress. The figure was detailed in its financial results for 2024 published today. Barclays said it ceased operating in the motor finance market in late 2019, although historical operations before this time may be in scope of any potential FCA consumer redress scheme. “Taking into account the information currently available, ...

The current probe into motor finance and commission payments could have “minimal impact” on finance firms given the kick-back against over-regulation the UK has seen in the past few months. That’s the view of motor and property finance firm S&U which, in a trading statement,  said the UK was now seeing “a more balanced and pragmatic approach to government regulation ...

Following on from the seismic changes brought on by the decision in Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd. [2024] EWCA Civ 1282, dealers and finance institutions have been holding their breath to see if the matter would proceed to the Supreme Court. In what appears to be an early Christmas ...

The Supreme Court announced today that it was going to allow an appeal the Court of Appeal;s judgement on motor finance commission cases. The Court of Appeal had upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance, ruling that motor dealers acting as credit brokers have a duty of loyalty to their customers. It ruled that a ...