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Supreme Court rejects UK chancellor’s car finance intervention

  • The Supreme Court rejected Chancellor Rachel Reeves' attempt to intervene in the car finance scandal, benefiting consumers who may receive compensation for mis-sold loans.
  • Banks face up to £44 billion in compensation claims following the court's decision, with potential repercussions for the financial sector's stability.
  • The Financial Conduct Authority will assist in the case after being granted permission to intervene, aiming to ensure fair compensation for consumers.
  • Consumer rights advocates view the ruling as a crucial step for justice against undisclosed commission payments in the motor finance industry.
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GB NewsGB News

Rachel Reeves suffers setback in attempt to intervene with car finance scandal amid compensation fears

Rachel Reeves has been dealt a massive blow after the Supreme Court rejected the Chancellor’s attempt to intervene in the landmark car finance scandal

·London, United Kingdom
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Daily ExpressDaily Express

Victory for drivers as Supreme Court rejects Reeves’ intervention in car scandal

The decision dealt a significant blow to the financial sector and the government's efforts to protect lenders from a multi-billion-pound compensation bill

·United Kingdom
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ReutersReuters

UK Supreme Court rejects Reeves' intervention in motor finance case, bank shares slide

The UK Supreme Court on Monday rejected a move by finance minister Rachel Reeves to intervene in a landmark case on car loan mis-selling, sending shares in lenders Close Brothers and Lloyds Banking Group sharply lower.

·United Kingdom
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BBC NewsBBC News

Chancellor Rachel Reeves' intervention in car loans case rejected

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

·United Kingdom
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Financial TimesFinancial Times
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vh2.tvvh2.tv

Supreme Court rejects UK chancellor’s car finance intervention

Judges’ decision is a setback for banks facing multibillion pound compensation bill

·London, United Kingdom
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BloombergBloomberg

UK Supreme Court Rejects Motor Finance Intervention From Reeves

The UK’s Supreme Court refused to let the Treasury intervene in a landmark court case over controversial car loans, dealing a blow to Chancellor Rachel Reeves who had sought to argue that the suit was hindering Britain’s regulatory environment.

·United States
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Bloomberg broke the news in United States on Monday, February 17, 2025.
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