Close Brothers shares collapse after FCA auto finance probe forces it to scrap dividend February 15, 2024 Shares in Close Brothers have collapsed after it scrapped dividend payouts for the current financial year and put 2025 rewards under review, with the group bracing for potential compensation costs from a motor finance review by the City watchdog. The news sent the group’s shares down 28 per cent in London on Thursday morning. Close [...]
Why are UK banking stocks doing so badly despite bumper profits? February 13, 2024 The UK's biggest banks are set to post bumper annual profits when they report their 2023 results in the coming weeks. But why are they not being rewarded on the stock market?
Big banks set for bumper annual profits as interest rates peak February 12, 2024 Britain's biggest banks are set to report strong annual profits over the next two weeks despite mounting margin pressure from a likely peak in interest rates.
S&U plunges 10 per cent after issuing profit warning as motor finance arm suffers from ‘weak consumer confidence’ February 9, 2024 Specialist auto and property lender S&U has issued a profit warning ahead of its full-year results amid an “intemperate economic climate”, while an FCA probe looms over the sector.
UK economy: Consumer borrowing dropped last month in latest recession warning January 30, 2024 Consumer borrowing dropped sharply in December in the latest sign that the UK economy probably slipped into recession at the end of last year.
Auto finance industry could face £16bn in compensation payouts from FCA probe January 25, 2024 UK auto lenders could be hit by up to £16bn in compensation payments after the City watchdog confirmed its probe in historic commission arrangements would look at cases going back to 2007.
Lloyds and Close Brothers shares drop as FCA motor finance review looms January 17, 2024 Shares in Lloyds Bank and Close Brothers extended losses on Wednesday as investors digest a surprise increase in inflation and analysts estimate the two firms could be rocked by a City watchdog review into motor finance.
UK banks could face major losses over FCA motor finance review January 15, 2024 UK banks could be on the hook for billions in compensation, according to analysts, after the City watchdog announced a review into unfair costs on discretionary car finance commissions.
Regulator to investigate historic claims on car finance commissions January 11, 2024 "There is significant dispute between some firms and consumers on whether firms have breached legal and regulatory requirements," the FCA said.
Shares in Admiral and Direct Line sink after FCA regulator takes aim at premium finance January 10, 2024 In an interview with Insurance Post, Matt Brewis, head of insurance at the Financial Conduct Authority (FCA), described premium finance as a "poor product".