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

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.

Full Article