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UK car finance sector faces uncertainty following landmark ruling against lenders

By Sofia Gerace ( October 30, 2024, 17:15 GMT | Comment) -- A decision from the UK Court of Appeal — arguing that commissions paid from lenders to brokers in the context of car loans are unlawful — could open the door to claims worth billions of pounds. The ruling would set new fiduciary duty standards for the industry, which will rapidly have to change the way it operates. However, the ruling is set to be appealed, and it will take time before the industry sees more clarity.A landmark ruling from the UK Court of Appeal last Friday could open the door to claims worth billions of pounds from car loan customers against UK car finance providers....

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