Permission has been granted for the three motor finance cases from 25 October’s ruling to be appealed. The Court of Appeal found in favour of the consumer in all three cases, with the rulings causing fundamental questions about the future of financing to be raised.
The Supreme Court will hear the appeals and has expedited the process too, something the BVRLA and its members have been calling for. The appeal should be heard by Easter 2025, but it is important to note that the Court of Appeal rulings from 25 October remain in place so members should act accordingly.
The announcement is a positive step towards getting the long-term clarity the sector seeks.
The Financial Conduct Authority (FCA) has welcomed the swiftness of the Supreme Court’s decision. The regulator has proposed extending the time firms have to respond to motor finance complaints where a non-discretionary commission arrangement was involved, with the outcome of that consultation due to be published by 19 December 2024.
Members with any questions should contact [email protected].
Announcement from UK Supreme Court - UK Supreme Court.
BVRLA’s Commission Disclosure resources hub.
