LONDON (Reuters) -The United Kingdom’s Supreme Court will give its long-awaited ruling on motor finance commissions, which will inform a potentially multi-billion pound consumer redress scheme, on August 1, the court announced on Friday.
British lender Close Brothers and South Africa’s FirstRand are seeking to overturn a landmark Court of Appeal judgment, which said brokers must have customers’ fully informed consent to receive a commission from lenders.
Britain’s Financial Conduct Authority (FCA) is considering a redress scheme which could leave brokers paying out tens of billions of pounds – and has previously said it will confirm whether to do so within six weeks of the Supreme Court’s ruling.
(Reporting by Sam Tobin; editing by William James)
