LLOYDS Banking Group's chief executive faced a grilling from the Treasury Select Committee on Tuesday over the lender's historical exposure to the motor finance market.
Charlie Nunn, the bank's boss, said there was "no evidence of harm" from the firm's operations in the car financing market.
The scandal in the sector headed to the Supreme Court in early April as lenders argued for an overturning of the Court of Appeal's ruling that it was unlawful for banks to pay a commission to a car dealer without the customer's informed consent.
Nunn said he expected a ruling from the highest court in the land in July. But Nunn reiterated Lloyds "don't have evidence of harm, or that we've broken regulation."
The banker instead said the "Court of Appeal seems to be at odds with 30 years of legislation" and called for "clarity" in the court's judgement.
"Without clarity it will create dysfunction in the market," he warned.
Lloyds leads the pack for provisions reserved for the motor finance scandal with £1.2bn.
(c) 2025 City A.M., source Newspaper
