Close Brothers sets aside £400m amid FCA investigation into historic motor finance deals.
Close Brothers, a UK merchant bank, has set aside £400m to strengthen its finances amid an ongoing investigation by the Financial Conduct Authority (FCA) into historic motor finance deals. The FCA is examining the impact of hidden discretionary commission arrangements, a selling practice that it banned in 2021. Close Brothers has acknowledged the importance of preparing for a range of possible outcomes from the probe.
13 months ago
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