by Kalyeena Makortoff Banking correspondent on (#6SVTA)
Two lenders can challenge October decision that undisclosed commission paid to car dealers is unlawfulThe supreme court has granted permission for two car lenders to appeal against a landmark ruling on motor finance commission payments that has left firms fearing a potential 30bn compensation bill.The decision gives Close Brothers and the MotoNovo owner FirstRand a chance to overturn a shock ruling by the court of appeal in October which said that paying secret" commission to car dealers - without disclosing the sum and terms of that commission to borrowers - was unlawful. Continue reading...