S&U fires barbs at regulator after motor finance probe dents profit October 8, 2024 Specialist lender S&U fired another salvo at the Financial Conduct Authority (FCA) today as it blamed regulatory pressure for the “uninspiring performance” of its motor finance business in the first six months of the year. Pretax profit across the London-listed firm slumped by nearly half to £12.8m for the six months to 31 July, down [...]
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 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.
City watchdog’s motor finance review drives up official complaints August 29, 2024 A review by the City regulator into now-banned commission arrangements on car loans has contributed to a surge in official complaints to the UK's financial ombudsman in recent months.
Secure Trust Bank upgrades cost-cutting target as FCA review weighs on earnings August 14, 2024 Secure Trust Bank has ramped up cost-cutting efforts, while a review by the City regulator affecting its vehicle finance arm weighed on the firm's earnings in the first half of 2024.
S&U: Motor finance lender urges Labour to change ‘restrictive’ regulation after profit warning August 12, 2024 Specialist lender S&U has urged the new Labour government to change the UK's "restrictive and constantly changing" regulatory regime after warning that actions by the City watchdog would have a "significant impact" on its motor finance business' profits.
FCA to extend motor finance probe amid consumer tensions July 30, 2024 The FCA said it intended to set out next steps in its review into the past use of so-called DCAs in May 2025.
Vanquis Bank reports surprise balance sheet hit after investigation July 16, 2024 As a result of these write-offs, the lender said it would no longer hit its return on tangible equity and profit targets for the year.
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.
Shawbrook to acquire high-end auto lender in bid to expand motor finance offering June 17, 2024 Challenger bank Shawbrook has struck a deal to acquire motor finance lender JBR Auto Holdings as it looks to expand its car loan offering.