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The Latest Breaking News from Close Brothers

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

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

Evening Standard

Lenders warn of bigger hit to finances from £11bn car loan compensation plan

Lloyds Banking Group and Close Brothers both said they were expecting to have to put aside more money to cover costs related to the mis-selling saga.

Evening Standard

Lloyds says it is facing greater hit than expected from car loan finance scandal

Banking group predicts bill will top £1.2bn it has set aside, as Close Brothers also says it expects to pay more

The Guardian - UK

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Shares in UK lenders rise after watchdog softens car loan compensation costs

Lloyds Banking Group, Close Brothers Group, and Barclays shares were all moving higher on Wednesday morning.

Evening Standard

Close Brothers slumps to loss amid write-downs and more compensation provisions

The firm revealed it tumbled to a pre-tax operating loss of £122.4 million for the year to July 31.

Evening Standard

Car loans: Why could drivers still get compensation after court ruling?

The UK’s financial regulator is to consult on consultation payments after a landmark court ruling on motor finance agreements.

Evening Standard

Major lenders see share prices surge after car finance mis-selling ruling

A court ruling means payouts will be at the lower end of initial estimates – though are still worth billions

The Independent UK

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Shares in lenders soar after motor finance court ruling

Lloyds Banking Group and Close Brothers saw big share gains after the industry won a reprieve in the motor finance case before the UK’s highest court.

The Independent UK

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

Lloyds and Close Brothers surge after Friday’s court decision slashed the expected bill for compensation on mis-sold loans

The Guardian - UK

Millions in line for payouts from £18bn car loan compensation scheme

City regulator says motorists should start to get payments in 2026 with ‘most payouts likely to be under £950’

The Guardian - UK

Car loan scandal: what the supreme court ruling means for UK motorists

Supreme court ruling ends 18-month saga over whether or not lenders hid finance commission rates

The Guardian - UK

Blow to consumers as supreme court hands partial win to car finance firms over loans

Millions of drivers to miss out on compensation after UK’s highest court sides with finance companies

The Guardian - UK

Car finance scandal live: Millions denied compensation payouts after Supreme Court ruling

Lenders have avoided potentially having to pay compensation to millions of drivers after the Supreme Court ruled that they are not liable

The Independent UK

UK Car Finance Scandal: Supreme Court Ruling Could Lead to Billions in Claims — Are You Eligible?

The Supreme Court's car finance ruling on 1 August 2025 could trigger a £44bn compensation scheme for millions of UK motorists who were mis-sold hidden commission deals before 2021.

International Business Times UK

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The Independent UK

FTSE 100 takes breather ahead of tariff deadlines

For the week, the FTSE 100 rose 1.4%, hitting a new all-time high.

The Guardian - UK

Rachel Reeves considers overruling supreme court in £44bn car finance scandal

Exclusive: Chancellor could step in if justices uphold entirety of ruling over commission paid to brokers

The Guardian - UK

More than 23m Britons think they may be due compensation for mis-sold car loans, UK poll finds

Survey comes before supreme court decision on secret commission payments ruled unlawful by court of appeal

The Guardian - UK

About £1bn in car loan compensation at risk because data deleted, lawyers warn

Lenders’ routine purging after six years means details of some car buyers due compensation may have been lost

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The Guardian - UK

Motor finance compensation ruling ‘goes too far’, says City regulator

Financial Conduct Authority tells supreme court the £44bn bill could spook businesses and threaten UK investment

The Guardian - UK

Banks aim to reverse crunch appeal court victory for car buyers

Fears of a £44bn compensation bill over dealer commissions has prompted a high-profile appeal, which will be heard this week

Evening Standard

FTSE 100 gains as US markets slump ahead of interest rate decisions

The Bank of England and the Federal Reserve are expected to hold interest rates at their respective decisions later this week.

The Guardian - UK

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

Company’s shares plunge as it estimates total costs of £200m this year from motor finance scandal

Evening Standard

Close Brothers falls to £103m loss after big car loan scandal provision

The interim dividend has been axed after the first half fall into the red

Evening Standard

Close Brothers swings to loss on motor finance scandal hit

The lender posted a statutory pre-tax loss of £103.8 million for the six months to January 31, against profits of £87 million a year ago.

The Guardian - UK

UK lenders face huge car loan payout bill as watchdog moves closer to compensation plan

Potential FCA scheme could mean banks proactively inform borrowers if they were mis-sold car loans

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