Drop seems in line with comparables - but note that ambulance chasers from Slater + Walker are now mailshotting to stir up this issue. Hope they lose a packet on it! |
Where is personal responsibility gone in this country? The thought that it’s always someone else’s fault, seems to be main line of thinking in all sorts of areas in life.
If I choose to buy a golf club or anything else on credit, it’s my decision and it’s up to me to look at other quotations and options. Being deliberately misled or scammed aside of course! Let’s have a common sense ruling, if any common sense exists anymore!
Rant over! |
Martin Lewis has a live show today at 8pm on ITV. No doubt he'll comment on the story. |
Some common sense might reign.
The wider issue is the damage it would do to the ability of the larger banks to support mortgage lending if they are hammered by the costs of this issue.
Less lending and at higher rates anyone? Build and sell 1.25M houses? Forget it.
GDP would take a hit as would Labours already not so hot popularity. |
In the recent Barclays Vs miss L case, lawyers for miss L won on all points bar one.
The Barclays appeal on quantum was allowed to continue. It will be interesting to read the final judgement on this point, which may be swayed by today's news. |
A few months ago I bought a golf club on ebay. When paying it offered me installments and quoted an apr. Commission was not quantified.
Does the government want to risk contagion to other areas.
About two months ago an American law firm filed a class action in the UK for something like £75bn, concerning ppi claims, which did not have commission details included.
Again can the government risk further contagion.
There must be hundreds of similar risks to the UK economy and it's credibility as a business centre is at issue.
A line needs to be drawn. |
 I posted this in the CBG thread where the debate is quite active;
We must distinguish between the bundled cases (which I would happily believe were actually contrary to regulation and to a reasonable interpretation of the law) vs the much, much, much broader judgement. This went two steps further than was necessary, particularly given the FCA was overseeing a steady improvement in best practice.
I would hope the Supreme Court upholds the decision in favour of the consumers, but strikes out the much broader language. I do not know how much of CBG's vehicle finance was of the type represented in court. I own little CBG. I own a lot more STB, and STB has disclosed that it did a small amount of business close to (though I think not as 'bad' as) the bundled cases, quite some years ago, and it was already prepared for compensation in those cases.
Until I saw PJ84's paste of the FT article I hadn't seen the language "generate a perception that regulation in the UK is uncertain", but I think that is EXACTLY the right point to make. It is certainly not in consumer medium term interests across a whole range of subsectors to let this broad judgement stand. The Martin Lewis point is well made. |
Rachel Reeves intervenes in UK car finance mis-selling case to protect lenders
Treasury approach to Supreme Court is blow to consumer groups but chancellor fears damage to sector
FT: |
I never believed that I would ever be grateful for anything that Rachel has done!!! |
It’s taking g a quick breather now whilst a few bank some profit but even with continuing risk I think £5+ is baked in by day end or tomorrow. The Company is run well in terms of cash and dividend cover - from memory I think dividend is covered four times. |
The pressure has been building. Lloyds CEO was vocal. Last week we were told the FCA was being called in to meet ministers. Etc etc. I wonder if Santander were asked (in some machiavellian way) by the government or others to kick up a fuss. They may slightly regret it as they rattled staff (some of whom are anyway being made redundant). My screw up this morning was not buying more at the open as it was clear it should at least retrace to 5 quid, even if you think the supreme court and public opinion will fight back so that big risks remain. |
Thank you both👍 |
Put capital H at start, advfn adds xx otherwise. |
Digger - replace hxxps with https |
Can anyone help with opening the above link? Thank you |
Well at last we have a government intervention.
A pity it couldn't have been sooner. |
summary from ft.com today:
- Chancellor Reeves seeks to shield car loan providers from multibillion pound payouts
-Government fears huge payouts will damage UK banking sector and stunt growth
- Compensation bill could reach £44bn, echoing payment protection insurance mis-selling scandal
Reeves fears that the case could cause chaos in the motor finance and car industry, making it harder for consumers to get loans. About 80 per cent of new vehicles in the UK are bought on finance.
If the Treasury is successful, it will deal a blow to consumer groups and claims management companies that have been encouraging car finance customers to file complaints to the Financial Ombudsman. |
News - www.msn.com/en-gb/money/other/uks-reeves-launches-bid-to-protect-car-loan-providers-in-mis-selling-case-ft-reports/ar-AA1xy3E1 |
What’s a hair shirt experience? |
Santanders were gonna pull out of the UK leak at the weekend got some thinking then 😂 |
Hopefully bk up to 5 or 6 quid :-0 |
Apparently article in the FT saying Reeves wanted the banks to avoid the full hair shirt experience on car loans |
What’s happened? |
The car side alone, if the figures are as others suggest, will be enough to finish off STB. |
pinkfish,
'However, all bets are off if it rolls over to all consumer credit and the implications are awful for the whole credit sector.'
The exact reason that parts of the legal action will be rolled back upon the supreme court appeal. |
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