Specialist lender says it expects its slice of £9.1bn compensation set by FCA to be about £320m Close Brothers shares surged on Wednesday after the UK bank declared it could âcomfortably absorbâ its slice of a £9.1bn compensation bill over the motor finance scandal, hours after one of its rivals announced it was selling its UK operations over looming costs. The specialist lender said it expected the final terms of the Financial Conduct Authorityâs (FCA) compensation scheme to cost roughly £320m, a sum that was âbroadly similarâ to previous estimates and the £294m put aside to date. Close Brothers said the extra £26m could be âcomfortably absorbed by existing capital resources, leaving the group well positioned to continue delivering its strategyâ. The news sent its shares up by 17% by early afternoon on Wednesday. The FCAâs compensation scheme, which was finalised last week, is intended to draw a line under the car finance scandal, in which drivers were overcharged for loans as a result of commission payments between lenders and car dealers. It estimated that victims will be in line for payouts worth £830 on average. The bankâs market update allayed fears a
Apr 8, 2026 → Apr 22, 2026
Exclusive: Lawyers for group Consumer Voice notified FCA they are challenging redress scheme as inadequate A consumer group is preparing to take the City watchdog to court in the hope of overhauling a £9.1bn compensation scheme that it…
Read original at The Guardian →2 updates from 1 source over 2 weeks.
Exclusive: Lawyers for group Consumer Voice notified FCA they are challenging redress scheme as inadequate A consumer group is preparing to take the City watchdog to court in the hope of overhauling a £9.1bn…
Read original at The Guardian →Specialist lender says it expects its slice of £9.1bn compensation set by FCA to be about £320m Close Brothers shares surged on Wednesday after the UK bank declared it could âcomfortably absorbâ its slice of a…
Read original at The Guardian →What this story stands on. Tier 0 is a primary record or the subject's own words; higher tiers must be attributed, never stated as bare fact.
Exclusive: Lawyers for group Consumer Voice notified FCA they are challenging redress scheme as inadequate A consumer group is preparing to take the City watchdog to court in the hope of overhauling a £9.1bn compensation scheme that it…
View source →Specialist lender says it expects its slice of £9.1bn compensation set by FCA to be about £320m Close Brothers shares surged on Wednesday after the UK bank declared it could âcomfortably absorbâ its slice of a £9.1bn compensation…
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