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Evening Standard
Evening Standard
Anna Wise

Close Brothers nearly doubles expected bill for car loan redress to £300m

Close Brothers FCA Lloyds
Close Brothers is adding around £135 million to its existing £165 million provision for the car finance compensation scheme (Yui Mok/PA) - (PA Archive)

Close Brothers has said it is nearly doubling the amount of cash it was setting aside for the car finance compensation scheme, as it joined rival lenders in challenging the regulator’s plans.

The banking group told investors it was adding around £135 million to its existing £165 million provision.

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