UK bank Close Brothers reserves £165M due to unlawful car finance commission scandal.
UK lender Close Brothers set aside up to £165 million to cover potential costs from a scandal involving undisclosed commission payments in car finance deals. This follows a Court of Appeal ruling that such commissions were unlawful without customer consent. The company plans to appeal to the Supreme Court and expects its earnings for the half-year to January 31 to drop to £75 million, down from £94.4 million a year ago.
2 months ago
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