Further update re FCA Motor Finance redress scheme

Summary by AI BETAClose X

Secure Trust Bank PLC has assessed the Financial Conduct Authority's final rules for UK motor finance commissions and currently sees no need to adjust its motor finance commission provision, although the ultimate financial impact remains uncertain due to factors requiring judgment, further clarification, dealer cooperation, and potential legal challenges. The Group believes its vehicle finance lending was fair and competitive, and while committed to customer redress for harm from unfair relationships, it disagrees with the FCA's assessment of unfairness, finding it misaligned with the Supreme Court's fact-specific judgment in Johnson v FirstRand.

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