Motor finance scandal: Close Brothers on the hook for £165m Banking Close Brothers will be forced to set aside £165m in its half-year results following recent developments in the motor finance scandal. The calculation is based on currently available information but the merchant bank said ultimate costs could be “materially higher or lower” given uncertainty surrounding the FCA’s ongoing review of motor commissions. Close Brothers said [...]
Close Brothers shares jump as RBC sees ‘a number of potential catalysts’ Banking 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.