Motor finance compensation ruling goes too far, says City regulator

A court of appeal ruling that has left lenders fearing PPI-level compensation bills over the motor finance commission scandal “goes too far”, the City regulator said on Monday. The Financial Conduct Authority (FCA) made the comments in a written submission to the supreme court on Tuesday, as part of a high-profile case being closely watched by the government. The Treasury, which tried but failed to intervene in the case, is concerned the standing decision could spook businesses and threaten investment in the UK. The case is part of efforts by two specialist lenders – Close Brothers and FirstRand – to

Read Full Article