Lloyds shares jump despite profit slump February 20, 2025 Lloyds Banking Group’s shares jumped three per cent following market open, despite recording a profit hit after the firm set aside additional funds for potential motor finance payouts. The FTSE 100 lender’s pre-tax profit was down 20 per cent at £6bn, compared to £7.5bn in 2023. Analysts estimated the bank’s profit before tax at £6.5bn, [...]
Treasury refused permission to intervene in motor finance battle February 17, 2025 The Supreme Court has rejected the Treasury's application to intervene in the upcoming hearing over the motor finance scandal
Barclays puts aside £90m for motor finance scandal February 13, 2025 Barclays announced in its annual results it had set aside £90m to cover potential motor finance payouts, amidst ongoing disputes over the misconduct row. This follows the landmark Court of Appeal’s October 2024 judgment, ruling in favour of three consumers and determining that lenders were liable for paying undisclosed commission to car dealers who acted [...]
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.
Lawyers raise questions as Labour muscles in on legal rulings January 24, 2025 The government plans to intervene in several legal matters, including motor finance case and judicial review challenges, in a move that has some lawyers raising an eyebrow.
Reeves wades in to motor finance scandal in bid to soften £30bn payout January 21, 2025 Shares in some of Britain’s biggest motor finance lenders have surged today after the Chancellor Rachel Reeves revealed plans to intervene in a mis-selling scandal which could cost the industry billions of pounds. A court judgement handed down in October sent shockwaves through the motor finance sector and has opened the door to what analysts [...]
FCA extends motor finance complaint deadline December 19, 2024 The Financial Conduct Authority (FCA) has extended the time that companies have to respond to motor finance complaints following a landmark high court ruling. In an announcement today, the City watchdog said firms will have until 4 December 2025 to provide a final response to customer complaints over the use of non-discretionary commission arrangements (non-DCAs). [...]
Barclays loses legal challenge to overturn FOS motor finance ruling December 17, 2024 Barclays lost a legal challenge against the Financial Ombudsman Service (FOS) over a ruling that it unfairly paid commission to a car finance broker
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.
S&U says Budget and motor finance scandal weighing on performance December 11, 2024 S&U said the Budget and a scandal over motor finance commissions have dragged on the specialist lender’s financial performance. Anthony Coombs, a former Conservative MP who has been S&U’s chair for the last 16 years, argued Labour’s first Budget had “curtailed the sector’s growth ambitions and cast doubt over the new government’s plans to ‘Get [...]