Speaking to the BBC, Martin said: “If the Supreme Court upholds the Court of Appeals decision, the knock-on effects could be substantial on other forms of lending and the economy.
“To be honest, it could shake the foundations of consumer lending in the country, meaning less possible available credit for many.
“So much so that even I, and I try and champion consumers in the work that I do, have concerns. I’ve said this since day one in this case that it could do more harm than good.
“It’s therefore unsurprising that we’ve heard talk that the Chancellor could even intervene with retrospective legislation if the Supreme Court were to uphold in full what the Court of Appeal says.”