Rachel Reeves intervenes in UK car finance mis-selling case to protect lenders

Aberdeenangarse

This from today’s FT

‘Chancellor Rachel Reeves on Monday launched a bid to shield car loan providers from multibillion-pound payouts in a landmark mis-selling case, after the Treasury warned it could damage Britain’s reputation as a place to do business. The Treasury has taken the unusual step of seeking permission to intervene in a forthcoming Supreme Court case, amid concerns that banks and other lenders could face a compensation bill costing tens of billions of pounds.’

dunstonh

Not a surprise.      When it was announced late last year that the Treasury was reviewing the issue, it led to an expectation that they would intervene.    Many people believe the courts made a mistake in their interpretation of the law or it was poorly written and led to unintended consequences.

If the court position was left to stand, it would create similar issues in other areas.

Keep_pedalling

Good! The whole retrospective compo culture is nuts. 

Aberdeenangarse

Hopefully the only one who’s going to take a ‘hit’ is the Ambulance chasing companies. I couldn’t be happier for them!

sheslookinhot

Yep, though this forum will be much quieter. Maybe the good folks on here can now answer real problems people have.