Charlie Nunn Says There’s No Financial Harm in Motor Finance Commission. Really?

Charlie Nunn, the CEO of Lloyds Banking Group — the UK’s largest motor finance lender through its subsidiary Black Horse — recently made headlines with an astonishing claim: that the widespread use of commission in motor finance agreements has caused no financial harm to consumers.

Yes, you read that right.

According to Charlie, despite the Financial Conduct Authority confirming that millions of motor finance agreements contained undisclosed commissions, consumers have somehow walked away from these deals unaffected.

This, from the man at the top of the organisation that stands to face some of the biggest payouts in UK financial services history, and with a long history of mis-selling.

Let’s Be Clear: Commission = Cost to the Consumer

Charlie’s statement doesn’t just miss the mark — it’s completely out of touch with reality.

Here’s how these motor finance deals worked: lenders paid car dealerships secret commissions (bribes) to provide consumers more expensive finance agreements. In simple terms:

• Some dealerships were allowed to manipulate the interest rate provide to a consumer. The higher the interest rate, the bigger the commission for the dealer.
• Other dealerships only offered one option to a consumer (the option that paid the dealer the biggest commission) despite cheaper deals being available to the consumer.

This wasn’t just a technical breach. It’s a classic case of financial exploitation, where people were unknowingly overcharged for cars they needed to get to work, school, and care for their families.

We’re talking thousands of pounds in excess interest, all to pad the profits of lenders and dealers.

How on earth can that not be “financial harm”?

Charlie Nunn’s £3.76 Million Pay Packet

Now let’s put this into context. Charlie earned £3.76 million in 2023. That includes:

• A base salary of £1.1 million,
• Bonuses, shares, and other rewards tied to performance — yes, even as Lloyds faces one of the most significant mis-selling scandals since PPI.

It’s frankly insulting to the millions of consumers affected by this scandal that someone with no personal financial exposure to these predatory lending practices feels entitled to deny the very real harm caused.

The Court Doesn’t Agree, Charlie

In October 2024, the Court of Appeal ruled that these secret commissions were unlawful, with the Supreme Court soon to decide on the case.

Yet Charlie’s dismissive stance suggests he’d rather preserve Lloyds’ public image than acknowledge the bank’s role in a widespread industry failure.

Instead of holding up his hands, he’s doubling down — casting doubt on the idea that average consumers were misled, overcharged, or financially harmed.

Don’t Be a Charlie

Let’s not sugar-coat it. Charlie is paid millions to lead a bank that is now under heavy scrutiny once again for its part in a systemic failure to treat customers fairly.

When someone in that position looks down at struggling families and claims they haven’t been harmed — despite being overcharged for years due to a commission scheme they were never told about — it reveals just how far the financial elite are removed from the people they profit from.

If you’ve been affected by motor finance commission mis-selling, you deserve answers. You deserve compensation. And you deserve leaders who take responsibility, not ones who gaslight the nation with denial.