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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Car finance scandal: shares in UK lenders jump after supreme court ruling

Lloyds United Kingdom Close Brothers FCA
a used-car showroom with cars plastered in red and white sale stickers
The FCA unveiled a much smaller compensation scheme than anticipated, likely to cost lenders between £9bn and £18bn in total, well below the £44bn predicted. Photograph: Justin Kase z12z/Alamy

Shares in UK lenders surged on Monday after a favourable supreme court ruling significantly slashed the anticipated bill for companies engulfed in the car finance scandal.

The specialist lender Close Brothers, which is the most exposed to the scandal, closed 23.5% up, while the UK’s biggest motor loan provider, Lloyds Banking Group, rose by 9% to hit a 10-year high.

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