FCA says motor finance compensation ruling ‘goes too far’ as lenders face £44bn claims risk
The Financial Conduct Authority (FCA) has warned that a Court of Appeal ruling at the heart of the UK’s motor finance commission scandal risks legal overreach and “goes too far”, as lenders face potential compensation claims of up to £44 billion. In a written submission to the Supreme Court on Tuesday, the City regulator pushed back against last year’s ruling, which found that car dealers acted unlawfully by failing to clearly disclose commission arrangements to...