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Britain's car finance industry is in crisis – with banks bracing for billions in payouts

14 November 2024
in World
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Britain's car finance industry is in crisis – with banks bracing for billions in payouts
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Britain’s motor finance industry is in turmoil following a Court of Appeal ruling that deemed it unlawful for car dealers to receive bonuses from banks without informed customer consent. Analysts warn of potential worst-case scenarios comparable to the country’s costly consumer banking scandal, prompting fears of a multi-billion-pound redress scheme. The Financial Conduct Authority plans to expedite a decision from the Supreme Court on whether lenders can appeal the ruling, drawing comparisons to Britain’s infamous payment protection insurance scandal.

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Tags: AutosBanksBarclays PLCbillionsbracingBritain039sBusinessbusiness newscarClose Brothers Group PLCCrisisfinanceIndustryInvestec PLCLloyds Banking Group PLCpayoutsUnited Kingdom
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