@city_am: The motor finance scandal has gripped the City of London's banking landscape over the last few years and put a number of Britain's biggest lenders in the hot seat. Lloyds Banking Group – which owns Britain’s largest vehicle financing firm Black Horse – was forced to set aside £1.2bn in provisions for potential compensation. The saga ramped up a notch when the Court of Appeal ruled it was unlawful for banks to pay a commission to a car dealer without the customer’s informed consent – these were dubbed “secret” commissions. But lenders Close Brothers and First Rand took their fight to the Supreme Court to successfully overturn the judgment. And this ruling has spared City banks a hefty bill that one analyst said could have topped £44bn. 🔗 Click the article link below to read more of the story 👇 #news #legal #business ##banking #finance #insurance #motorfinance

City AM

Open In TikTok:

Region: GB

Wednesday 06 August 2025 13:35:06 GMT