Regulator warns firms over provisions for motor finance claims April 12, 2024 It said it had "observed firms taking different approaches to account for the potential impact of previous use of DCA on their financial resources."
Lloyds to cut jobs in risk management after finding it was a ‘blocker’ to transformation progress April 10, 2024 Lloyds Banking Group is preparing to axe roles in its risk management division after finding that it was a "blocker" to the company's transformation strategy.
S&U channels Marcus Aurelius as motor finance lender says it will ‘wrestle on’ April 9, 2024 The specialist auto and property lender has posted a fall in annual profit and lowered its dividend as the firm grapples with higher costs and regulatory pressures.
Barclays launches legal challenge over motor finance claim April 8, 2024 Barclays is launching a legal challenge against the Financial Ombudsman Service (FOS) over a ruling that it unfairly paid commission to a car finance broker, Sky News’ Mark Kleinman first reported. In January, the Financial Conduct Authority (FCA) announced it was launching a probe into historic commission arrangements dating back to 2007, when the FOS [...]
Vanquis Bank swings to annual loss and slashes dividend after jump in impairment charges March 27, 2024 Vanquis Banking Group has swung to an annual loss and slashed its dividend after the specialist lender saw a jump in impairment charges, following a profit warning for 2024 earlier this month.
BMW 128ti review: The hot hatch we spent our own money on March 21, 2024 Motoring journalist John Redfern liked the sporty BMW 128ti so much he decided to buy one. Here’s what convinced him to go all in
Secure Trust Bank hails record lending growth despite 24 per cent profit drop March 21, 2024 Secure Trust Bank has posted record lending growth in 2023, while annual profit fell due to one-off charges.
Close Brothers plans to bolster finances by £400m for FCA motor finance probe March 19, 2024 Close Brothers has outlined measures that could boost its capital position by around £400m as the merchant banking group faces potential compensation costs tied to a Financial Conduct Authority (FCA) review into historic unfair car loans.
Motor finance probe accelerates as FCA chief warns it’s ‘improbable we’ll find nothing’ March 14, 2024 The Financial Conduct Authority said it is looking to accelerate its probe into the motor finance market today as chief Nikhil Rathi warned that it is “improbable we will find nothing to report”.
Vanquis shares crater as bank issues profit warning amid surge in third-party claims March 11, 2024 Shares in Vanquis Banking Group tumbled as much as 43 per cent on Monday morning after the specialist lender said it expects profit to come in "substantially lower" than analysts' estimates in 2024 from costs tied to restructuring and a surge in third-party claims.