The Financial Times has reported that the Treasury has approached the Supreme Court with regards to the upcoming commissions disclosure appeal.
Chancellor Rachel Reeves is seeking to reduce the potential multibillion-pound payouts in the mis-selling case, after the Treasury warned it could damage Britain’s reputation as a place to do business and cause economic harm.
The Treasury has taken the unusual step of seeking permission to intervene in a forthcoming Supreme Court case amid fears of the repercussions in the motor finance and car industry, making it harder for consumers to get loans.
In April, the Supreme Court is due to hear an appeal brought by car loan providers challenging the October ruling from the Court of Appeal that ruled in favour of consumers.
Based on its understanding of the scope of the Supreme Court Appeal, the BVRLA has decided not to intervene. The association will review the Court’s judgment and respond accordingly.
In the meantime, the BVRLA continues to engage with stakeholders across the motor finance sector and members with any questions should contact [email protected].
BVRLA’s Commission Disclosure resources hub.
