The Supreme Court rejects the intervention of car financing in the United Kingdom

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The banks of the banks suffered to be protected from the scandal of mismanagement in millions of pound from a strike on Monday after the judges prevented the UK government from supporting the industry in a looming case on the horizon.

The Treasury took the extraordinary step of requesting permission to interfere in the upcoming Supreme Court case, warning that the negative judgment could harm the banking sector and the trick of economic growth.

The decision of the five members of the Judges Committee, including the President of the Supreme Court, Lord Reed, to prevent the government from interfering Banks Facing a compensation bill that passes tens of billions of pounds. The reasons have not been given.

The shares in the close, which are among the most exposed banks, said last week that it is expected to allocate 165 million pounds to the possible sale, and decreased by 7 percent on Monday.

In April, the Supreme Court is scheduled to hear an appeal by auto loan providers challenging a ruling last year from the Court of Appeal, which stood with consumers who complained of “secret” commissions on car loans.

The ruling was that it was illegal to banks to pay a commission to a car dealer without the approval of the informed agent had sent a shock through the banking system.

CEO Lloyds Charlie Nun He said in December The United Kingdom faced the “investment problem” after the court ruling.

Lloyds, who owns the largest auto financing lender in the United Kingdom, booked a 450 million pounds ruling to cover potential costs and legal costs. The bank’s shares fell by 2.5 percent on Monday.

HSBC analysts estimated that the total cost of compensation could reach 44 billion pounds, and not far from 50 billion pounds by banks for poor sale insurance.

While the government was prevented from interfering, the Supreme Court allowed the financial behavior authority to interfere in the case.

The banking and treasury industry hopes that the organizer will present to the court many of the same points that the government hopes for.

“ED looks forward to help the court,” FCA told her.

The Treasury said: “We are the Ministry of Economy in the United Kingdom, so (searching for intervention) was the right thing for us. We respect the Supreme Court decision,” the Treasury said.

The Supreme Court allows the official bodies to interfere in the cases you hear, but the permission is not granted unless the court believes that the intervention will provide “great assistance” to the judges.