FirstRand is set to challenge a UK appeal court ruling in the Supreme Court, which established that car dealerships have a fiduciary duty to their customers. The bank argues that this decision could significantly impact the consumer finance sector across the UK. In related developments, UK banks are facing potential liabilities in the billions following a separate court ruling that determined lenders were not sufficiently transparent with customers regarding car loans. This ruling has opened the door for motorists to claim substantial paybacks related to car finance commissions. Additionally, leading retailers in Britain are under scrutiny due to a series of equal pay lawsuits, which could result in millions of pounds in damages, further exacerbated by the involvement of litigation funding.
Banks mis-sold another product. Judges rule it was unlawful for lenders to pay commission to car dealers without borrowers’ knowledge. Will directors return pay/bonuses from illegal trade? As usual they will hike customer charges to cover compensation. https://t.co/K1nA6nUlJV
🇬🇧 Equal pay lawsuits pile pressure on retailers https://t.co/K7r62ibaZb
"Equal pay lawsuits pile pressure on retailers "System of litigation funding also under the spotlight as companies face ‘potentially enormous’ liabilities" https://t.co/289dfFwIGd