LONDON (AP) — Britain’s highest court Friday largely overturned a lower court’s ruling that certain car finance agreements were unlawful, a decision likely to bring a sigh of relief among lenders and limit the scale of compensation payments. A Supreme Court panel of five judges sided with lenders on two of the three issues at
While the scope of compensation claims to be made on an industry-wide level has been narrowed, there is still many who could receive payouts. About four in 10 cars sold before 2021 were sold through a now-banned method called discretionary commission arrangements. The UK’s financial watchdog, the Financial Conduct Authority (FCA), had been investigating complaints
Kerala-based non-banking financial company (NBFC) Manappuram Finance on Friday, August 1, announced that it has appointed Deepak Reddy as the company’s new CEO. Reddy assumed responsibilities on August 1, and will report to VP Nandakumar, who had been serving as the managing director and CEO but will now continue solely as the MD. Reddy will
PNB Housing Finance shares fell sharply after MD & CEO Girish Kousgi’s resignation announcement. The company is initiating a search for a new leader. New Delhi, Aug 1 (PTI) Shares of PNB Housing Finance tumbled 18 per cent on Friday after its Managing Director and Chief Executive Officer Girish Kousgi announced his resignation and said
Martin Lewis has warned a car finance ruling expected today could have major ramifications for “consumer lending” and the wider economy, warning the outcome could do “more harm than good”. The Supreme Court will announce its decision on car finance discretionary commission payments this afternoon after weeks of deliberation. If the previous Court of Appeal
The Supreme Court heard the case in April, and the ruling is expected to be delivered later this afternoon Martin Lewis has shared three possible outcomes for the Supreme Court’s judgement(Image: ITV) Martin Lewis has shared three possible outcomes for the Supreme Court’s judgement around hidden car finance commission claims. Their ruling is expected around
Laxmi India Finance Ltd. is scheduled to finalise its IPO share allotment status on Friday, August 1, following a decent subscription of its public offer. The mainboard initial public offering (IPO), worth ₹254.26 crore, was overall subscribed by 1.87 times on the last day on Thursday. The IPO attracted bids for more than 2.11 crore
PNB Housing Finance share price cracked 15% to hit the lower price band in the early morning trade on Friday, August 1, following the resignation of its MD and CEO Girish Kousgi before the completion of his term. The company, in a press release issued earlier today, Kousgi has resigned and will step down from
The UK’s Supreme Court will give a long-waited judgment in relation to the car finance commission saga on Friday. It is set to bring clarity over how the law should be applied to motor finance arrangements following a Court of Appeal decision last October. The ruling will have much wider ramifications for the industry, and
After Zohran Mamdani won the Democratic primary for mayor, a number of billionaires (and some mere millionaires) began sounding the alarm at the possibility of a self-described democratic socialist running New York City. Hedge fund manager Daniel Loeb invoked Fidel Castro. Venture capitalist David Sacks warned people to “get on board with MAGA or prepare to be on Mamdani’s dinner