S&U shares slump after motor finance drags profits down April 15, 2025 Shares in specialist lender S&U dropped nearly two per cent on Tuesday after annual profits tumbled due to challenges from the motor finance scandal. Pre-tax profit for the financial year ending January 31 2025 fell to £24m, compared to £33.6m in the previous period. Impairment charges rose to £35.6m for the group, reflecting a near [...]
Close Brothers shares crash as analysts expect ‘refined’ motor finance ruling April 4, 2025 Shares in FTSE 250 lender Close Brothers fell as much as eight per cent on Monday as the landmark motor finance hearing came to a close. At the Supreme Court case, Close Brothers attempted to overturn the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car [...]
Close Brothers shares soar past target price whilst FTSE 100 banks sink April 3, 2025 Shares in FTSE 250 lender Close Brothers rallied on Thursday morning whilst its banking rivals HSBC, Barclays and Standard Chartered tumbled. The lender made gains as high as ten per cent during early trading before consolidating around five percent, as the bank clawed back recent losses. Meanwhile, Standard Chartered led the FTSE 100 losses at [...]
Motor finance: Lloyds, Close Brothers and Santander brace for ‘shockwaves’ March 31, 2025 Judgement day nears for some of the UK’s biggest lenders as the motor finance scandal heads to the country’s highest court this week. The Supreme Court will decide whether to uphold the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed [...]
Analysts downgrade Close Brothers’ ‘beaten up’ shares March 21, 2025 Analysts have said Close Brothers shares are worth 340p – a 20p downgrade from their previous price target. The lender suffered a profit hit in its half-year results, plunging to a £104m loss. A £165m provision for motor finance payouts drove the bank’s woes, with shares falling as much as 24 per cent on Tuesday. [...]
Motor finance: Lloyds and Close Brothers shareholders await landmark hearing March 19, 2025 The eyes of shareholders at Britain’s biggest lenders will be on April’s landmark motor finance hearing, as the scandal heads to the Supreme Court. The hearing, scheduled for April 1-3, will allow car loan providers to challenge the October 2024 Court of Appeal ruling that it was unlawful for banks to pay a commission to [...]
Analysts put Close Brothers shares ‘under review’ as stock plummets March 18, 2025 Peel Hunt analysts placed Close Brothers shares ‘under review’ after the banking group suffered a £104m loss in the first half of its 2025 financial year. The lender said losses were driven by the £165m reserved for potential motor finance payouts, along with costs of complaint handling and legal expenses. Close Brothers’ stock sank as [...]
Close Brothers shares plunge as motor finance costs mount March 18, 2025 Banking group Close Brothers plunged to a £104m loss in the first half of 2025 after the firm set aside provisions for the motor finance scandal. The lender recorded a pre-tax loss in the first half of its 2025 financial year, compared to a profit of £88.1m in the same period of 2024 due to [...]
Regulator considers redress scheme in motor finance review March 11, 2025 In a statement this morning, the Financial Conduct Authority (FCA) has outlined its next steps in its motor finance review – including an industry-wide redress scheme if the Supreme Court upholds last year’s Court of Appeal ruling. The UK’s top court is expected to hear the appeal in early April as part of the growing [...]
Motor finance complaints hit record levels March 4, 2025 The UK financial ombudsman has received a record number of complaints about motor finance loans in the most recent quarter, according to new data. On Tuesday, the Financial Ombudsman Service (FOS) said that complaints about car loan cases had surpassed credit cards as the subject with the most unresolved complaints in the financial sector. Some [...]
