Mon, 17 Feb 2025

Mon, 17 Feb 2025 Reeves' intervention in car loans case rejected

The UK's highest court has rejected the Treasury's attempts to intervene in the landmark case.

* The Supreme Court has blocked Chancellor Rachel Reeves' attempt to intervene in a landmark case over car loans.
* The court also rejected applications from Consumer Voice and the Finance & Leasing Association to intervene in the case.
* The Financial Conduct Authority (FCA) and trade body the National Franchised Dealers Association were allowed to intervene.
* Lenders are appealing against a previous Court of Appeal ruling that they should have been clearer about commission made on car loans.
* Shares in UK banks involved in the case fell, with Lloyds Banking Group down 4% and Close Brothers Group down almost 15%.
* The government's decision to block Chancellor Reeves' intervention is seen as unusual.
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