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UK Supreme Court Gives Banks Partial Win on Car Finance Commissions
Financial Times: The UK's highest court has partially overturned a landmark motor finance judgment that threatened to leave banks on the hook for tens of billions of pounds in compensation for allegedly deceiving consumers with hidden commissions on car loans. The Supreme Court's decision has been...
Financial Times: The UK's highest court has partially overturned a landmark motor finance judgment that threatened to leave banks on the hook for tens of billions of pounds in compensation for allegedly deceiving consumers with hidden commissions on car loans. The controversy over car finance shot to prominence after a bombshell Court of Appeal judgment in October that awarded compensation to three people who claimed they were misled by banks concealing the payment of commissions to dealerships. Under discretionary commission arrangements, dealers received larger payments when they persuaded car buyers to accept higher interest rates on loans.
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