Supreme Court Decision Could Shake UK's Car Finance Industry

The UK's Supreme Court is poised to deliver a pivotal ruling concerning car finance commissions that might compel banks to face multibillion-pound compensation obligations.

Major lenders like Close Brothers, Lloyds, and Barclays are on high alert following a Court of Appeal judgment requiring clear customer consent for broker commissions.

The Financial Conduct Authority is contemplating a redress scheme, estimated to potentially cost tens of billions, depending on the Supreme Court's verdict.

(With inputs from agencies.)