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.
Close Brothers boss to take temporary medical leave of absence September 16, 2024 The bank said it would provide a further update "in due course". Its full year results will be announced on Thursday as planned.
Close Brothers shares jump as RBC sees ‘a number of potential catalysts’ August 29, 2024 Shares in Close Brothers jumped on Thursday after RBC upgraded its recommendation on the lender's stock, which has been dragged down by its exposure to a City watchdog review into unfair car loans.
Motor finance test cases against Close Brothers and Firstrand head to Court of Appeal July 2, 2024 A test case containing three cases relating to motor finance commission will be heard at the Court of Appeal this week.
FTSE 100 giant Natwest and Close Brothers set to benefit from Labour government, analysts say June 26, 2024 UK banking stocks are poised to enjoy a "good backdrop" if Labour wins the general election on 4 July, according to a leading broker, highlighting benefits for Natwest and Close Brothers.