Our response to the Supreme Court's decision to hear an appeal on 3 motor finance cases.
We welcome the swiftness of the Supreme Court's decision[1] to hear an appeal against the Court of Appeal's judgment in 3 recent motor finance cases involving Close Brothers and FirstRand Bank.
We previously wrote to the Supreme Court (PDF)[2] asking it to decide quickly whether it will give permission to appeal and, if it does, to determine the substantive appeal as soon as possible. This is because of the potential impact of any judgment on the motor finance market and the many consumers who rely on it. We are considering whether to formally intervene in the case to share our expertise to assist the Court on the substantive appeal.
We have proposed extending the time[3] firms have to respond to motor finance complaints where a non-discretionary commission arrangement was involved. We will take the Court's decision to hear the appeal into account as we decide on the outcome of our consultation. We thank everyone that responded to the consultation and will publish our policy statement by 19 December 2024.