Johnson v FirstRand sent ‘shockwaves through the financial services industry’, write Eddie Flanagan, partner and specialist in asset and debt recovery, and Harpreet Sandhu, Chartered Legal Executive at Shakespeare Martineau, in this week’s NLJ. They discuss the case and its astonishing implications. For example, Santander UK revealed in November that it has set aside £295m for potential compensation.
With the Supreme Court due to begin considering the case next month, this is a timely article. The case—concerning commission charged for car finance—could cost banks billions, and claims management companies are already hard at work fishing for customers.
The authors review the legal issues involved, and outline the most likely areas of reform. They write that the case ‘exposed vulnerabilities in the financial services sector, prompting a re-evaluation of compliance and customer trust. It underscores the need for robust consumer protection measures and regulatory compliance’.
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8108
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Categories:
Legal News
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Financial services litigation
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Consumer
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Regulatory
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Commercial
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