Lloyds Bank boss: No evidence of harm in motor finance scandal May 20, 2025 Lloyds Banking Group’s chief executive faced a grilling from the Treasury Select Committee on Tuesday over the lender’s historical exposure to the motor finance market. Charlie Nunn, the bank’s boss, said there was “no evidence of harm” from the firm’s operations in the car financing market. The scandal in the sector headed to the Supreme [...]
Secure Trust bolsters lending as it ‘monitors’ global turbulence May 15, 2025 Specialist lender Secure Trust Bank delivered an upbeat first-quarter trading statement on Thursday with growth across lending and deposits. The London-listed lender posted a 3.2 per cent quarterly increase in its net lending to £3.7bn. This was up 10.5 per cent from the first quarter of 2024. The firm said its business finance and consumer [...]
Vanquis and Barclays lead surge in bank complaints amid motor finance May 7, 2025 Banking complaints rocketed by 76 per cent in the second half of 2024 as the motor finance scandal continued to haunt the sector, according to the Financial Ombudsman Service (FOS). The regulator revealed of the 141,846 complaints made to the FOS, 77 per cent were related to banking and credit at 109,155. This also marked [...]
Lloyds costs soar as lender increases provisions after tariff turmoil May 1, 2025 Lloyds Banking Group’s profit took a hit in the first three months of the year as the domestic-focused bank’s operating costs soared. The FTSE 100 giant, which includes Lloyds, Halifax and Bank of Scotland, met analyst expectations for pre-tax profit at £1.5bn – marking a seven per cent drop from the first quarter of 2024. [...]
Santander to spin off motor finance division from UK business April 22, 2025 Santander is poised to spin off its litigation-hit motor finance division as part of a major overhaul of its UK operations. The Spanish lender has sought permission from regulators to separate its car loan business, which is facing a near-£300m payout as part of the ongoing motor finance scandal, from the rest of its British [...]
Ford on the hook for £61m in motor finance scandal April 22, 2025 Ford has set aside as much as £61m as it becomes the latest company to be stung by the motor finance scandal. The American car manufacturer’s subsidiary FCE Bank made the provision for its British motor finance division in its latest accounts. The Essex-based FCE Bank said the provision reflected “estimated economic outflow” should a [...]
S&U shares slump after motor finance drags profits down April 15, 2025 Shares in specialist lender S&U dropped nearly two per cent on Tuesday after annual profits tumbled due to challenges from the motor finance scandal. Pre-tax profit for the financial year ending January 31 2025 fell to £24m, compared to £33.6m in the previous period. Impairment charges rose to £35.6m for the group, reflecting a near [...]
Close Brothers shares crash as analysts expect ‘refined’ motor finance ruling April 4, 2025 Shares in FTSE 250 lender Close Brothers fell as much as eight per cent on Monday as the landmark motor finance hearing came to a close. At the Supreme Court case, Close Brothers attempted to overturn the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car [...]
Close Brothers shares soar past target price whilst FTSE 100 banks sink April 3, 2025 Shares in FTSE 250 lender Close Brothers rallied on Thursday morning whilst its banking rivals HSBC, Barclays and Standard Chartered tumbled. The lender made gains as high as ten per cent during early trading before consolidating around five percent, as the bank clawed back recent losses. Meanwhile, Standard Chartered led the FTSE 100 losses at [...]
Motor finance: Lloyds, Close Brothers and Santander brace for ‘shockwaves’ March 31, 2025 Judgement day nears for some of the UK’s biggest lenders as the motor finance scandal heads to the country’s highest court this week. The Supreme Court will decide whether to uphold the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed [...]