The FCA have published its letter to the Supreme Court regarding FirstRand Bank and Close Brothers permission to appeal, here are the key points.
Context and Importance:
The FCA regulates consumer credit, including motor finance.
The appeal concerns significant legal issues related to bribery and fiduciary duties in the motor finance sector.
Market Impact:
The outcome could affect thousands of pending court cases and complaints.
The motor finance market is substantial, with significant financial implications for firms and consumers.
FCA’s Position:
The FCA supports the expedition of the appeal to ensure legal certainty.
The FCA may intervene to provide regulatory context if the appeal proceeds.
Consumer Complaints:
There is a growing volume of complaints related to motor finance commissions.
The FCA is reviewing historical commission practices and considering potential redress.
Conclusion:
The FCA emphasizes the need for a prompt resolution to provide clarity and stability in the market.
This letter highlights the FCA’s proactive stance in addressing regulatory and consumer protection issues in the motor finance sector.
