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Lenders rushed to warn the UK Treasury and the regulator about the risk of turmoil in the sector after a shock court judgement against car finance commissions that threatens to upend many areas of domestic consumer lending.
The hastily arranged meeting between finance bosses and government officials underlined how anxious the industry is about Friday’s judgement in which senior judges ruled in favour of consumers who complained about “secret” commissions on car loans.
The uncertainty created by the court ruling prompted the Finance and Leasing Association – which represents many companies providing consumer loans – to seek an urgent meeting with officials from the Treasury and the Financial Conduct Authority to discuss the fallout.
This is a developing story
