Financial sector, Automotive industry, UK news, Banking, Motoring Business | The Guardian
Chancellor has been under pressure from lenders and lobby groups warning huge compensation bill could harm motor finance marketChancellor Rachel Reeves has denied that the Labour government is working against consumer interests despite urging the supreme court to avoid handing a “windfall” to borrowers harmed in the motor finance commission scandal.Reeves has been under pressure from lenders and lobby groups, who have warned that a massive compensation bill – expected to rival the payment protection insurance (PPI) mis-selling saga at £44bn – could disrupt the motor finance market. They warn it could force some lenders to shut up shop, offer fewer loans or hike interest rates to cover their costs. Continue reading…
Chancellor has been under pressure from lenders and lobby groups warning huge compensation bill could harm motor finance market
Chancellor Rachel Reeves has denied that the Labour government is working against consumer interests despite urging the supreme court to avoid handing a “windfall” to borrowers harmed in the motor finance commission scandal.
Reeves has been under pressure from lenders and lobby groups, who have warned that a massive compensation bill – expected to rival the payment protection insurance (PPI) mis-selling saga at £44bn – could disrupt the motor finance market. They warn it could force some lenders to shut up shop, offer fewer loans or hike interest rates to cover their costs.
