Charlie Nunn, CEO of Lloyds Banking Group, has welcomed the government's proposed intervention in a significant car finance mis-selling case ahead of a crucial Supreme Court hearing. The case arises from a recent Court of Appeal ruling that could lead to substantial compensation claims against motor finance providers, reminiscent of the PPI scandal. Nunn highlighted the market's reliance on motor finance and the necessity of regulations that support consumers, while also acknowledging concerns about potential liabilities that could impact the industry significantly.
Charlie Nunn emphasizes the need for clarity in the car finance industry, given the significant reliance on finance by car buyers and potential compensation liabilities from mis-selling cases.
Following the Court of Appeal ruling, analysts estimate that compensation claims in the car finance sector could reach between £30 billion to £44 billion, reminiscent of the PPI scandal.
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