The U.K. is probing a BlackRock deal. What happens next. https://t.co/CZBwqvAX7R
BLACKROCK’S $3.2 BILLION TAKEOVER OF DATA PROVIDER PREQIN COMES UNDER FORMAL U.K. INVESTIGATION- WSJ
Supreme Court to hear motor finance appeal by Easter 2025 https://t.co/rrhRvMX15A https://t.co/qf7ZPfk5EM
The U.K. Supreme Court has agreed to hear an appeal by car finance lenders following a landmark ruling that consumers must be informed about commissions paid to dealers on car loans. This decision has set British banks on edge due to potential compensation claims. The appeal, lodged by Close Brothers among others, will address the Court of Appeal's ruling that found it unlawful for car dealers to receive commissions from lenders without the customer's informed consent. The Supreme Court is expected to hear the appeal by Easter 2025. The Financial Conduct Authority (FCA) supports the expedition of this appeal, citing the significant impact on the motor finance market and the need for legal certainty. The FCA is also considering whether to formally intervene in the case to assist the court with its expertise. Analysts estimate that compensation could range from £6bn to £44bn if the Supreme Court upholds the appeal. The FCA has proposed extending the time firms have to respond to motor finance complaints and is considering setting up a redress scheme.
