Motor finance scandal: Close Brothers on the hook for £165m February 12, 2025 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 [...]
Number of misleading financial ads removed by regulator doubled in 2024 February 7, 2025 The FCA has said it has stepped up its actions after witnessing a "growing number of misleading and illegal financial promotions" adverts
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 [...]
Natwest share price rockets to 10-year high January 21, 2025 The Natwest share price hit its highest level since February 2015 in early deals this morning as investors backed the bank for growth in 2025. The UK bank’s stock price is already up 95 per cent over the last year, making it one of the best performing stocks on the FTSE 100, and it shows [...]
Kia EV3 review: Futuristic family SUV sets a new benchmark January 9, 2025 It would have been unthinkable not long ago, but Kia almost toppled Ford in the 2024 new car sales chart. When the numbers were crunched, the Kia Sportage had notched up 47,183 registrations – just 1,157 behind the first-placed Ford Puma. However, the success of the Sportage is now under threat from an enemy within. [...]
Close Brothers chief executive steps down after medical leave January 7, 2025 Close Brothers group chief executive Adrian Sainsbury has stepped down from his role after four months of medical leave. The FTSE 250 CEO began in the role in 2020 after more than 11 years at the company, joining Close Brothers as chief executive of its commercial arm before becoming director of the group’s main banking [...]
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