Court rules car dealerships must disclose lender commissions when customers take out loans; Lloyds plans to appeal.
A recent court ruling mandates that car dealerships must disclose any commissions earned from lenders like Lloyds Bank when customers take out loans. This makes it illegal for dealers to accept commissions without informed consent. Lloyds plans to appeal the decision, which could prompt more customers to seek compensation for past loans. The ruling is part of ongoing investigations into potential mis-selling practices in the motor finance industry.
October 28, 2024
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