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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Car finance firm Close Brothers slumps to loss after taking £165m hit

Close Brothers FCA
Used motor cars of for sale in a garage forecourt
Close Brothers said that since the FCA announced its review of motor finance commissions it had experienced a further increase in inquiries and complaints. Photograph: Findlay/Alamy

Close Brothers, one of the UK’s biggest providers of car loans, has slumped to a £103m loss as it deals with the fallout of the motor finance commission scandal, which it estimates will cost it a total of £200m this year.

The lender also scrapped its dividend again. Its shares plunged by 17% on the news.

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