The bank asks the UK Supreme Court to reverse the landmark automobile finance ruling.

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The UKS Supreme Court will be in danger of hundreds of billions of pounds in banks this week after hearing the appeal of an automobile financing provider stunned automobile financing providers.

The Supreme Court hearing, which began on Tuesday, has a wide range of legal ripple effects that extend beyond the automotive market to many consumer finance. As a result, we will decide whether the loan agency floods with a consumer claim that pursues enormous amounts of money.

In November, the Court of Appeals made a progress by judging that the British financial service market was illegal to prevent the loan agency not to pre -agree with the confidential or partially hidden commission.

This incident is Motonovo, a factory supervisor in Wales, Close Brothers and a used car purchased by Close Brothers and Motonovo Finance, the postal of Stoke-on-Trent. Live in Finance.

If a judge refuses to appeal the lending agency, it can raise 4 billion markets and interfere with other areas such as department finance to raise funds to 2MN vehicles that are loans in the UK every year. The Treasury was so concerned about fallout and failed to intervene in the event earlier this year.

Even if the Supreme Court reverses the appeal court for the past few years, the lending agency will still be exposed to the discretionary fee. Leon Neil/Getty Image

Tom Webley, a lawyer -based partner of London, a law firm, said that one of the most important Supreme Court incidents in recent memories is in doubt. There is a wide range of businesses that provide credit through commissioned intermediaries, and all of them can be affected by this ruling.

There are two important questions to be considered in a three -day hearing before the Supreme Court ruled. The first is whether a car dealer is obliged to trust for the best of the customer when preparing for a loan to raise funds to the purchase of a car.

MARTYN HOPPER, a partner of Linklaters, a law firm that specializes in financial regulations, was surprised by the idea of ​​a used car salesman who was obliged to trust as a customer. For the best deal, it seems to remove the last remaining responsibility in the appearance of Customerto.

The second question is whether or not to prepare for financing, whether a loan agency that pays a fee to the agency is responsible for violating trust obligations, such as not completely disclosed the size and personality of fees.

Julius Grater, a professor at the University of Oxford, said that if he supports the appeal court for two questions, the tremendous contract can be written as a faster debt quickly and easily.

The bank has already abandoned the money to cover the cost of auto finance, and some analysts can assume that the division may leave for a compensation claim for the 50 billion -dollar protection insurance scandal.

Lloyds Banking Group, a UKS Biggest Car Finance provider, set up 1.22 billion people, and this month, the Close Brothers booked a 165MN clause. Spains Banco Santander received 295mn claims and Firststrand recorded R3 billion ($ 1.6 million).

The financial behavior authorities are likely to impose relief plans in the industry to compensate for auto financial customers, but Watch Dock has been waiting before the Supreme Court decides the outcome of the Supreme Court.

Even if the Supreme Court reverses the appeals court for the past few years, the lending agency is still exposed to charges for discretionary fees, which raises customers higher interest rates and pays more expenses to agencies banned by the FCA since 2021.

The FCA is expected to assume that the Supreme Court has been approved to intervene this week, and the rules are expected to assume that the automobile agency has a trust obligation to potentially add weight to the lending agency.

Experts believe that since the last few weeks, a positive reader for lending agencies may have a separate appeal court related to paying a commission to an intermediary to supply electricity and to provide an electricity to expert tooling.

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In this case, the judge summarizes the responsibility for violating the trust obligations that the broker can fully disclose the committee because the electrical supplier does not appear to be negative.

Jonathan Pierce, an analyst in Jefferies, said that the engine ruling was actually increasing the confidence that the disclosure of the fee was not enough to impose a significant debt on the lender.

CAROLINE Edwards, a partner of the law firm TRAVERS Smith, added that the last week's decision had a significant impact on auto finance appeals, and that the FCA remedy was clearly effective and the claim would be more commonly added.

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