Motor finance: Close Brothers calls on magic circle law firm for court battle February 6, 2025 Close Brothers has swapped in a top magic circle law firm for its Supreme Court battle to overturn the landmark motor finance test case.
Close Brothers chief executive steps down after medical leave January 7, 2025 Close Brothers group chief executive Adrian Sainsbury has stepped down from his role after four months of medical leave. The FTSE 250 CEO began in the role in 2020 after more than 11 years at the company, joining Close Brothers as chief executive of its commercial arm before becoming director of the group’s main banking [...]
Motor finance: Close Brothers shares rise after Supreme Court green lights appeal December 11, 2024 Bank share prices are up this morning, including Close Brothers, following the news the Supreme Court has granted an appeal in the motor finance case.
Close Brothers restarts motor finance lending following landmark ruling November 21, 2024 Close Brothers has restarted its motor finance lending practice a month after a landmark court ruling over the legality of its business. On 25 October, a court ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment, sending the entire motor finance [...]
Motor finance: Court blocks Close Brothers pathway to Supreme Court November 12, 2024 After a landmark ruling last month in the motor finance test case, a court has hit Close Brother with yet another blow
Close Brothers warned of £640m hit if car loan scandal spreads November 5, 2024 Close Brothers could take a hit to its profits worth almost double its stock market value if a brewing car loan scandal spreads to other areas of consumer finance, analysts have warned.
Motor finance industry in crisis mode after landmark court ruling November 1, 2024 Motor finance providers are scrambling to avoid a full-blown market meltdown after a landmark London court ruling on "secret" car loan commissions sparked chaos across the sector.
Lloyds shares slump as analysts warn of £3.9bn motor finance bill October 28, 2024 Shares in Lloyds Banking Group and Close Brothers fell further on Monday after a landmark London court ruling that could expose motor finance providers to billions in extra compensation.
Shares drop at Close Brothers as court sides with consumers in motor finance claims October 25, 2024 In a landmark decision in the motor finance test case, a court has resoundingly sided with consumers against the banks and lenders, including Close Brothers
Close Brothers to sell asset management arm as motor finance bill looms September 19, 2024 Close Brothers' shares are down by around a third since the Financial Conduct Authority announced in January that it would review whether customers were overcharged via now-banned discretionary commission arrangements on car loans.