The UK's motor industry is awaiting the outcome this month of April's Supreme Court case concerning car loans commission and dealers' responsibility to customers, but firms have been urged to prepare.
The Finance & Leasing Association (FLA) has appointed Shanika Amarasekara MBE as its new director general, succeeding Stephen Haddrill, who retires at the end of July.
The Finance and Leasing Association admits it is bracing for all possible outcomes - both good and bad – in the imminent Supreme Court’s ruling on commission disclosure which will ultimately determine a lender’s fiduciary duty and whether it will be enshrined as a permanent legal standard.
The Supreme Court has rejected Chancellor Rachel Reeves’ attempt to intervene in a landmark case concerning hidden commissions in car finance, dealing a blow to lenders facing a compensation bill potentially running into billions.
The Financial Ombudsman Service (FOS) will introduce a £250 charge for claims management companies from April in a bid to complaints that are well supported.
