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flag UK Supreme Court to decide if banks owe billions in compensation over secret motor finance commissions.

flag The UK Supreme Court is considering a case involving major banks and secret motor finance commissions, which could cost the financial industry billions in compensation to consumers. flag The Court of Appeal previously ruled that banks need customers' informed consent for these commissions, and now banks like Close Brothers and FirstRand are challenging this decision. flag The Financial Conduct Authority banned such commissions in 2021, but the Supreme Court's ruling, expected this summer, will determine the extent of compensation and legal responsibilities.

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