Close Brothers raises cost-cutting target as job cuts begin Banking Close Brothers has dialled up its cost-cutting plans and said it was “well into next stage of restructuring” after revealing it would slash its headcount by around 20 per cent earlier this year. The FTSE 250 bank said on Tuesday it had delivered £36m of savings in its latest financial year, coming ahead of the [...]
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Close Brothers shares fall as motor finance scandal threatens worst returns in Europe Banking Close Brothers shares tumbled on Monday morning after a damning broker downgrade warned the bank was poised to deliver the “lowest value-creation” of Europe’s top 50 banks. The FTSE 250 bank’s stock was down nearly nine per cent in early trading to 401.70p as investors scurried for the exit door. The loss came on the [...]
City watchdog suspends parts of £9bn motor finance scheme after industry backlash July 2, 2026 The UK’s financial watchdog has suspended parts of its under-fire £9bn motor finance redress scheme amid fierce backlash from industry and consumer groups. In a statement on Thursday, the Financial Conduct Authority (FCA) said the suspension will require firms to continue preparations for its scheme but avoid work that “may need to be repeated” if [...]
Motor finance: City watchdog faces legal battle over £9bn scheme April 22, 2026 The City watchdog is set to face a legal challenge to its motor finance redress scheme after being accused of leaving motorists “out of pocket”. The Financial Conduct Authority (FCA) revealed its highly-anticipated £9.1bn scheme at the end of March, which cut the headline bill for lenders from £11bn. But Consumer Voice – a group [...]
Santander UK tipped for ‘large’ hike to motor finance provisions April 16, 2026 Santander UK is expected to top up its provisions for the motor finance scandal following the final outline of the financial watchdog’s redress scheme. The Spanish-headquartered banking giant has been one of the most vocal critics throughout the scandal, which relates to the use of discretionary commission arrangements (DCAS) in car financing. Banks were accused [...]
Close Brothers and First Rand look to park motor finance row April 8, 2026 After countless speed bumps, sharp handbreak turns and a fair few false starts, the two banks that took the motor finance scandal to the top finally look to put it in the rearview mirror. Close Brothers and Aldermore owner First Rand have sought to wrap up the over two-year long saga after the financial watchdog [...]
Close Brothers shares soar as bank ‘well positioned’ for £320m motor finance hit April 8, 2026 Close Brothers has insisted it is “well positioned” to absorb the financial hit from the City watchdog’s motor finance redress scheme but added to speculation another legal battle could be on the horizon. The FTSE 250 lender told markets on Wednesday morning that it estimates the cost of the Financial Conduct Authority’s (FCA) redress scheme [...]
Lloyds shares slump amid questions over motor finance legal battle April 2, 2026 Lloyds shares slumped this morning even as the banking giant declared it would not have to top up its provisions following the confirmation of a motor finance redress scheme. The group – which owns the UK’s largest car finance lender Black Horse – said it had “undertaken an assessment of the implications and impact” of [...]
Motor finance compensation scheme set to fuel even more legal action March 31, 2026 The City watchdog has revealed its long-awaited motor finance redress scheme, but despite the bill for lenders coming in lower than predicted the scandal is not going away any time soon, as further legal action is expected. After a 2024 legal case ruled that car sales firms couldn’t lawfully receive commissions from finance firms unless they had [...]