Specialist law firms and CMCs could be in line for massive payday with their cuts from consumer compensation

A cloud of anxiety was hanging over the British Motor Museum. Alongside showrooms featuring the 1988 Le Mans-winning Jaguar XJR-9 and the Land Rover Defender used in opening scenes of the James Bond film Skyfall, were conference rooms filled with worried lawyers, bankers and compliance staff from across the motor lending industry.

Attenders of the Financing and Leasing Association’s annual motor finance convention in Warwickshire last month had spent weeks trying to get to grips with a shock court of appeal decision that sided with two aggrieved car loan customers.