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The UK’s highest court is to hear an appeal brought by motor finance companies in a landmark mis-selling case that has put the country’s financial services industry on the hook for billions of pounds in compensation.
A copy of the decision, seen by the Financial Times, shows the Supreme Court has granted lenders permission to challenge an earlier ruling from the Court of Appeal, which sided with consumers who complained about “secret” commissions on car loans.
The case is to be heard by Lord Reed, president of the Supreme Court, Lord Hodge, its deputy president, and Lord Lloyd-Jones.
Shares in Close Brothers, one of the lenders involved, rose 11 per cent on the news. Shares in Lloyds rose 3 per cent.
This is a developing story
https://www.ft.com/content/a2e0becb-0280-444e-9d36-77b5e2d9f620
