Finance
UK’s FCA to Ask Top Court to Move Quickly on Motor Finance
- Cases to impact regulator’s broader probe into car loans
- Many lenders’ shares have dropped over potential compensation
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The UK’s Financial Conduct Authority will write to the Supreme Court to ask it to move quickly on deciding whether it will take up a pair of market-moving cases involving auto lenders and how fairly they treated their customers.
Investors have been closely following the cases — which involve the lenders Close Brothers Group Plc and South Africa-based FirstRand Ltd. — because they are set to feed into the FCA’s broader regulatory probe of car finance. Both lenders have said they would appeal after losing the cases last month.