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The Latest Breaking News from Close Brothers

Lloyds and Close Brothers shares surge after Reeves steps in on car finance case

The lenders are two of the biggest players in the car loans sector and could be saddled with billions in combined compensation costs.

Evening Standard

Reeves bids to intervene in car finance case that could cut lenders’ £30bn bill

Shares in Lloyds and Close Brothers rise as Treasury seeks to tell court that lawsuit could cause economic harm

The Guardian - UK

Close Brothers gets new boss amid looming crisis for car finance industry

Motor finance seller names Mike Morgan, a senior executive at the firm, as its new chief as potential compensation ruling nears.

Evening Standard

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FTSE finishes higher after banking stocks boosted by motor finance appeal

The FTSE 100 finished 21.26 points, or 0.26%, higher to end the day at 8,301.62.

Evening Standard

Supreme court grants permission for appeal against UK car finance ruling

Two lenders can challenge October decision that undisclosed commission paid to car dealers is unlawful

The Guardian - UK

UK’s highest court to hear appeal on car finance mis-selling

Close Brothers has been granted permission to appeal against a landmark ruling in the UK’s Supreme Court.

The Independent UK

Car finance scandal could be as big as PPI, City regulator says

FCA lawyer admits scale of compensation could be larger than first thought, and as big as PPI, which cost banks £50bn

The Guardian - UK

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FCA plans to allow lenders longer to respond to car finance complaints

Firms could get up to a year to respond to mis-selling complaints after shock court ruling last month

The Guardian - UK

Santander puts aside £295m for car loan mis-selling

Lower third-quarter profits reported alongside first estimate of financial fallout from loan mis-selling scandal

The Guardian - UK

Lloyds shareholders could take £1bn hit over car finance crisis

Analysts forecast bank will have to halve £2bn buyback plan, as ex-boss of City regulator blames watchdog for crisis

The Guardian - UK

Could you be entitled to a payout after court ruling on car finance?

After ‘secret’ commissions paid to dealers by lenders were ruled unlawful, billions might be available in compensation

The Guardian - UK

Lloyds suspends commission payments after ‘seismic’ ruling on UK car finance

Industry and Treasury hold urgent talks after court of appeal rules consumers were mis-sold loans

The Guardian - UK

Santander UK delays results as it considers landmark car loan ruling

Some analysts say court of appeal ruling on mis-selling could cost the bank £1.1bn

The Guardian - UK

Lloyds ‘assessing’ impact of landmark court ruling on car loans

Lender holds about £15bn in loans through Black Horse and could have to pay compensation for mis-selling

The Guardian - UK

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Evening Standard

Lloyds ‘assessing impact’ of key car finance ruling in favour of consumers

Shares in the bank plunged last week after judges sided with customers in a row over commissions in the industry.

The Guardian - UK

Consumers win UK car finance case that could lead to billions in compensation

Judges in test case rule it was unlawful for lenders to pay commission to car dealers without borrowers’ knowledge

Evening Standard

FTSE 100 Live: UK inflation in focus after index closes up 0.2%, Unilever leads risers after shake-up

Inflation’s retreat to its lowest level in two years today fuelled hopes of a first cut in interest rates by the summer.

Evening Standard

Close Brothers shares plunge as it scraps dividend over City watchdog car finance probe

Close shares crashed 17% today, off 68p at 330p

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