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.
