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The Latest Breaking News from Close Brothers

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

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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

FTSE 100 takes breather ahead of tariff deadlines

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

The Independent 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

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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

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

The Guardian - UK

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.

Evening Standard

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

The Guardian - UK

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

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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

The Guardian - UK

UK lenders paid car dealers cash upfront that may have led to costlier loans

Exclusive: ‘Advance commissions’ said to total millions of pounds allegedly pushed customers to certain providers

The Guardian - UK

Supreme court judges reject Reeves’ motor finance intervention

Chancellor had sought to prevent lenders caught up in commissions scandal being handed £44bn bill

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Evening Standard

FTSE 100 notches another record while US inflation rises

Many of the stock index’s biggest names rose in value on Wednesday, led by insurance group Prudential.

The Guardian - UK

Car finance scandal: lender sets aside £165m for possible compensation costs

Estimate by Close Brothers follows ‘thorough assessment’ of court case’s impact on UK vehicle loan industry

Evening Standard

Close Brothers to set aside up to £165m for motor finance scandal

The company is at the centre of a looming crisis facing the motor finance industry, with lenders facing potentially hefty compensation bills.

Evening Standard

Lloyds and Close Brothers shares surge after Reeves steps in on car finance case

The lenders are two of the biggest players in the car loans sector and could be saddled with billions in combined compensation costs.

The Guardian - UK

Reeves bids to intervene in car finance case that could cut lenders’ £30bn bill

Shares in Lloyds and Close Brothers rise as Treasury seeks to tell court that lawsuit could cause economic harm

Evening Standard

Close Brothers gets new boss amid looming crisis for car finance industry

Motor finance seller names Mike Morgan, a senior executive at the firm, as its new chief as potential compensation ruling nears.

Evening Standard

FTSE finishes higher after banking stocks boosted by motor finance appeal

The FTSE 100 finished 21.26 points, or 0.26%, higher to end the day at 8,301.62.

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