FCA could spend £20m on car loan probe after shock court ruling November 7, 2024 The Financial Conduct Authority (FCA) could splash £20m on the first stage of its review into car loan commissions, City AM can reveal, reflecting the scale of a scandal that may see lenders forced to pay billions of pounds in compensation.
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.
Secure Trust Bank slashes profit expectations amid motor finance ruling November 1, 2024 Secure Trust Bank has slashed profit expectations for this year due to the performance of its motor finance business. In a trading update today, the London-listed lender said that following the Financial Conduct Authority’s motor finance decision, it restored vehicle finance loan collections activity to normal levels. Meanwhile, early arrears in vehicle finance are at [...]
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.
Santander UK profit slides as analysts forecast £1.8bn motor finance hit October 29, 2024 Santander has revealed a sharp fall in its UK profit during the third quarter, while delaying the publication of more detailed figures as it digests a landmark motor finance court ruling in London.
Santander UK delays results following motor finance court case October 29, 2024 Santander UK has delayed the publication of a detailed set of results covering the third quarter as it waits to assess the impact of a landmark court ruling on motor finance commissions. Full results for the Spanish bank’s UK arm were meant to be published this morning, but the lender said on Monday that it [...]
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
UK banking complaints nearly double amid credit card and motor finance woes October 24, 2024 Official UK banking complaints almost doubled in the first half of 2024 as consumers hit out against firms' handling of credit cards and motor finance.
Lloyds Bank: Lender beats profit estimates as consumers prove resilient October 23, 2024 Lloyds Banking Group has beaten profit estimates as the lender set aside less than expected for souring loans and saw improved consumer confidence.