Motor finance firms rallied on Wednesday after the Supreme Court agreed to hear an appeal over an October ruling that sent shock waves through the industry amid speculation that car buyers could claim tens of billions in compensation.
Britain’s highest court said it had granted permission to appeal in the three cases where the Court of Appeal came down firmly on the side of borrowers, ruling that any undisclosed commissions paid to car dealers for arranging finance were unlawful and that lenders needed to obtain fully informed consent from the customer.
The cases would be heard some time between mid-January and mid-April, though lawyers following the saga said any final decision could still be up to a year away.