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Chancellor Rachel Reeves’ attempt to intervene in a Supreme Court case regarding car loans commission disclosure was rejected, with concerns over potential impacts on the availability of car loans. The Court of Appeal ruled that lenders should have been clearer about commission, leading to fears of significant compensation payouts and potential repercussions for UK banks. The Treasury’s application to intervene was denied, with the court approving applications from the FCA and National Franchised Dealers Association, while shares in affected UK banks fell following the decision.
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