Is the motor finance scandal making City banks trim the fat? March 18, 2026 The motor finance scandal is reshaping the banking sector, in this week’s column Samuel Norman takes a look at how lenders are responding. In the fallout of the multi-billion pound motor finance scandal, bank bosses are getting their house in order. The landmark saga, which began with the UK’s financial watchdog’s review into the market [...]
Close Brothers shares sink as infamous short-seller warns of motor finance ‘wipeout’ March 16, 2026 Shares in Close Brothers plummeted on Monday after a group notorious for short-selling warned the bank had “systematically misrepresented” its exposure to the motor finance scandal. The FTSE 250 bank nosedived as much as 12 per cent during afternoon trading after Viceroy Research, a group famed for its exposés of Wirecard and Home Reit, warned [...]
KKR-backed fintech takes £13m hit from motor finance scandal March 10, 2026 A UK fintech backed by investment giant KKR has posted a hefty loss after being forced to set aside cash for the brewing motor finance scandal. Oodle Finanical Services recorded a pre-tax loss of £38m for the financial year ending 30 June 2025, after the firm was forced to set aside a whopping £12.8m in [...]
City watchdog plots streamlined motor finance scheme after backlash March 4, 2026 The UK’s financial watchdog is looking to “streamline” its long-anticipated motor finance compensation scheme following widespread backlash across the industry. The Financial Conduct Authority (FCA) provided a fresh update to markets on Wednesday, stating it was considering over 1,000 responses to its proposals for the industry-wide redress scheme. It added “if” it was to proceed [...]
Aston Martin to axe hundreds of jobs as profit plummets February 25, 2026 Aston Martin is poised to cull its workforce by around a fifth after the firm’s bottom line took a beating from President Donald Trump’s erratic tariff agenda. The British manufacturer said on Wednesday it had recognised a provision of £18.7m in relation to expected restructuring costs as it consults on chopping 20 per cent of [...]
Motor finance: What’s next for banks and consumers in 2026? December 29, 2025 The City watchdog wrapped up the consultation on its motor finance redress in December but the two-year long scandal threatens to rumble on into the new year. The Financial Conduct Authority (FCA) pushed the deadline for feedback on its scheme to 12 December after it was originally pencilled in for 18 November. The delay came [...]
Motor finance backlash mounts with calls to pull £4bn from lenders November 3, 2025 The financial watchdog is back in the hot seat as criticism of its controversial motor finance redress scheme continues to mount. A fresh report from the All-Party Parliamentary Group (APPG) on Fair Banking has blasted the City watchdog for a “£4.4bn billion gap” in the proposed scheme. The group accused the regulator of being “influenced [...]
Motor finance: Where do the banks, regulator and Treasury stand? October 24, 2025 The UK banking sector had hoped the Supreme Court’s motor finance ruling would finally switch off the hazard lights and allow lenders to return to business as usual. The industry was handed a lukewarm win by the highest court in the land, who ruled in favour of the banks on two out of three cases. [...]
Close Brothers takes swing at FCA after near-doubling motor finance provisions October 14, 2025 Close Brothers’ frustration at the City watchdog has stepped up a gear after the firm was forced to almost double its provisions for the motor finance scandal. The FTSE 250 lender, which had previously set aside £165m, hiked its provisions by a further £135m following the Financial Conduct Authority outlining details of its industry-wide redress [...]
Close Brothers shares plunge on new ‘material’ motor finance hit October 9, 2025 Shares in FTSE 250 lender Close Brothers sank on Thursday after the firm said it expects to increase its provisions for the motor finance scandal. The bank – which has a £9.5bn loan book with over 20 per cent car finance loans – sunk nearly ten per cent to 472.60p. It follows the Financial Conduct [...]