Car loan commission ruling suggests the industry has not learnt from its mistakes
The writer is the author of several books on the City and Wall Street “This sector is the crown jewel in our economy,” chancellor Rachel Reeves told a City audience at this month’s Mansion House dinner. Crown jewel or not, the UK financial services industry still has an ability to deliver nasty surprises. The recent Court of Appeal motor loans judgment poses awkward questions for the sector, its regulators and the government’s pro-City approach.
In 2023, after a lengthy consultation, it imposed a new Consumer Duty — rules it claimed set “high standards of consumer protection across financial services and requires firms to put their customers’ interests first”. Customers should ask whose interests were being put first prior to this. They should also question why guidance from a regulator fell short of the court’s interpretation.
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