Close Brothers flags 430 million dollar motor finance cost
Close Brothers disclosed a 430 million dollar cost related to a motor finance scandal. The amount is broadly similar to the lender's existing provision.
CLOSE BROTHERS GROUP PLC has disclosed a potential 320 million pound ($429.50 million) cost related to the motor finance mis-selling scandal currently impacting the financial sector in the United Kingdom. The specialist lender noted that this figure is broadly similar to its existing provisions for the matter. This announcement comes as part of a broader regulatory review into historical discretionary commission arrangements within the motor finance industry, which has led several institutions to set aside significant capital for potential compensation. The disclosure provides further clarity on the scale of the financial impact facing the firm as it navigates the ongoing investigation. The developments were tracked by reporting teams in India as part of the international coverage of the British banking market.









