01-08-2025
Judgment Day Arrives for UK Banks Over Car Loan Scandal: What to Watch
Britain's lenders are bracing for a pivotal ruling at the country's top court over motor finance misselling that threatens to rival some of the largest UK consumer scandals.
On Friday afternoon, the Supreme Court in London will rule on a series of claims by motorists who took out loans to buy cars without knowing that commission was paid by lenders. The decision will set parameters for the UK regulator who is responsible for imposing a huge redress scheme on banks that some analysts estimate could cost them more than £30 billion ($40 billion).
