Two lenders can challenge October decision that undisclosed commission paid to car dealers is unlawful
The supreme court has granted permission for two car lenders to appeal against a landmark ruling on motor finance commission payments that has left firms fearing a potential £30bn compensation bill.
The decision gives Close Brothers and the MotoNovo owner FirstRand a chance to overturn a shock ruling by the court of appeal in October which said that paying “secret” commission to car dealers – without disclosing the sum and terms of that commission to borrowers – was unlawful.
