The motor finance commission case is winding up today with the final submissions. Legal expert MILS, which provides the Legal Surgery for Motor Trader, is attending each day to give dealers a clear summary of what happened.
Tuesday saw submissions from by Close Brothers and FirstRand Bank
Wednesday saw more submissions from the two banks, and also the NFDA and submissions by by Hopcroft, Wrench and Johnson.
Thursday saw further submissions by Hopcroft, Wrench and Johnson, the FCA and Close Brothers and FirstRand Bank.
MILS said it is early days and all parties will need patience while the Law Lords make their decision.
“Whilst the next three days will not immediately provide a definitive answer to what duty, if any, motor dealers owe to consumers when selling finance or whether finance was mis sold, and if so, what compensation, if any is due, it is the final opportunity for both sides to put their arguments to the Court.
“The five Law Lords hearing the case are the highest Court in England and Wales, and will have the final say on the matter, using the submissions and information put before them as the basis for their decision.
MILS will be attending each day of the hearing in order to provide a daily summary of proceedings along with a detailed analysis on completion.
Click here for a summary by MILS of the first day’s submissions on Tuesday. Day two and three to follow in due course.
