1259 GMT - A U.K. ruling on motor finance that could lead to lenders having to pay billions in compensation has left the country with an "investability problem," Lloyds Banking Group's CEO says. The fact that the legal decision from the Court of Appeal is at odds with the last 30 years of regulation is unique for the U.K. relative to other economies, Charlie Nunn says at the FT's Global Banking Summit. This creates uncertainty for the motor-finance sector as well as the financial-services industry and the U.K. as a whole, he says. The October court decision ruled it was unlawful for car dealers to charge undisclosed commissions on car loans. Lloyds's Black Horse brand is the U.K.'s largest motor-finance provider. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 04, 2024 07:59 ET (12:59 GMT)
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