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The Latest Breaking News from Close Brothers

Motor finance compensation ruling ‘goes too far’, says City regulator

Financial Conduct Authority tells supreme court the £44bn bill could spook businesses and threaten UK investment

The Guardian - UK

Banks aim to reverse crunch appeal court victory for car buyers

Fears of a £44bn compensation bill over dealer commissions has prompted a high-profile appeal, which will be heard this week

The Guardian - UK

FTSE 100 gains as US markets slump ahead of interest rate decisions

The Bank of England and the Federal Reserve are expected to hold interest rates at their respective decisions later this week.

Evening Standard

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Car finance firm Close Brothers slumps to loss after taking £165m hit

Company’s shares plunge as it estimates total costs of £200m this year from motor finance scandal

The Guardian - UK

Close Brothers falls to £103m loss after big car loan scandal provision

The interim dividend has been axed after the first half fall into the red

Evening Standard

Close Brothers swings to loss on motor finance scandal hit

The lender posted a statutory pre-tax loss of £103.8 million for the six months to January 31, against profits of £87 million a year ago.

Evening Standard

UK lenders face huge car loan payout bill as watchdog moves closer to compensation plan

Potential FCA scheme could mean banks proactively inform borrowers if they were mis-sold car loans

The Guardian - UK

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UK lenders paid car dealers cash upfront that may have led to costlier loans

Exclusive: ‘Advance commissions’ said to total millions of pounds allegedly pushed customers to certain providers

The Guardian - UK

Supreme court judges reject Reeves’ motor finance intervention

Chancellor had sought to prevent lenders caught up in commissions scandal being handed £44bn bill

The Guardian - UK

FTSE 100 notches another record while US inflation rises

Many of the stock index’s biggest names rose in value on Wednesday, led by insurance group Prudential.

Evening Standard

Car finance scandal: lender sets aside £165m for possible compensation costs

Estimate by Close Brothers follows ‘thorough assessment’ of court case’s impact on UK vehicle loan industry

The Guardian - UK

Close Brothers to set aside up to £165m for motor finance scandal

The company is at the centre of a looming crisis facing the motor finance industry, with lenders facing potentially hefty compensation bills.

Evening Standard

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

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Evening Standard

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

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.

The Guardian - UK

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 Independent 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.

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news in one place.

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The Guardian - 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

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

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