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Credit brokers as fiduciaries, and consequences for lenders: Part 1
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The Court of Appeal's decision in Johnson v FirstRand Bank LTD (London Branch) (t/a MotoNovo Finance); Wrench v FirstRand (London Branch) (t/a MotoNovo Finance); Hopcroft v Close Brothers Ltd [2024] EWCA Civ 1282 that, as credit brokers, motor dealers owe fiduciary duties to their customers has caused uncertainty across the financial services sector.
This article, published in two parts, argues that the judgment was fundamentally flawed as regards the existence of fiduciary duties, and the commission of dishonest assistance (see Part 1), the nature of the tort of bribery, and as to remedies (see Part 2).
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