Credit, Collections & Insolvency News
The Supreme Court has announced that it will deliver its long-awaited ruling on the motor finance cases this Friday (1st August), which could kickstart one of the country’s largest mass redress schemes.
Commenting on the announcement, Brian Nimmo, Head of Redress at Broadstone said “The Supreme Court ruling could kickstart one of the largest mass redress schemes we have ever seen. The ruling should give clarity on whether discretionary commission was unlawful and also what the ramifications could be for other markets with elements of hidden commission.
“The FCA has already set out some of the key decisions it will make around the potential implementation of a redress scheme that would be highly complex in seeking to balance fairness for consumers and the integrity of the motor finance market.
“The FCA will take six weeks before confirming their intentions around a compensation scheme and meanwhile there is media speculation that the Government may intervene to reduce the liability to the detriment of consumers.”