The UK Supreme Court will hear motor finance case appeals from today to 3 April.
Appeals which will be heard are as follows – Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers.
The Financial Conduct Authority (FCA) and the National Franchised Dealers Association (NFDA) are listed as interveners in the case. It was revealed in February that the NFDA would be able to intervene.
Since these claims and many others have been brought by consumers, the FCA have been providing both lenders and consumers with guidance on handling complaints.
The Supreme Court will provide further clarification with regards to the extent of the duty owed by dealers to consumers when selling motor finance.
The appeal will allow the Court to consider detailed legal arguments and could potentially row back from more contentious aspects of the Court of Appeal decision.
The upcoming Supreme Court ruling could trigger an FCA redress scheme for motor finance.
However, the FCA will not confirm any developments regarding redress until at least six weeks after the ruling.
