UK Treasury responds to the car finance Supreme Court verdict

A Treasury spokesperson responded to the Supreme Court verdict on motor finance cases that was announced on August 1.

The spokesperson said: "We respect this judgment from the Supreme Court and we will now work with regulators and industry to understand the impact for both firms and consumers. 

“We recognise the issues this court case has highlighted. That is why we are already taking forward significant changes to the Financial Ombudsman Service and the Consumer Credit Act.

“These reforms will deliver a more consistent and predictable regulatory environment for businesses and consumers, while ensuring that products are sold to customers fairly and clearly.”