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Small lenders to face most severe hit of GBP30 billion-worth car finance probe, Moody's says

By Sofia Gerace ( November 19, 2024, 17:06 GMT | Insight) -- Small UK lenders will face the most significant hit from the car finance probe, which is set to cost 30 billion pounds ($38 billion). The probe on car finance relates to commission arrangements and includes a landmark ruling from the UK Court of Appeal on commissions paid from lenders to brokers without the customers' consent and a review from the financial watchdog into the use of discretionary commission arrangements prior to a 2021 ban.Global credit rating agency Moody's has said that small and more concentrated lenders will face the most significant hit from the recent landmark car finance ruling (see here) and the parallel investigation into the sector from the financial watchdog (see here and here)....

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