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UK lenders’ credit ratings could come under pressure following car-finance ruling, Fitch warns

( November 5, 2024, 14:47 GMT | Official Statement) -- MLex Summary: UK lenders’ credit ratings could be affected by the recent landmark car-finance ruling, Fitch Ratings has warned. After the UK Court of Appeal determined that commissions paid from lenders to brokers are unlawful, the industry is reassessing the way it operates. A potential redress scheme to compensate customers could have large financial implications as companies would receive claims worth billions of pounds. "More ratings could come under pressure if remediation costs affect earnings, capital ratios and business growth prospects over a prolonged period," Fitch said....

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