Bank stocks jump by £5bn after car finance compensation ruling [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
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Source: Yahoo! Finance
Close Brothers, the FTSE 250 lender, rose by as much as 10.3pc on Wednesday after the Financial Conduct Authority (FCA) estimated that its mis-selling redress scheme could cost lenders £8.2bn in compensation. Lenders had initially feared they could be forced to pay between £9bn and £18bn to customers who were mis-sold car finance Lloyds Banking Group, the UK's biggest car finance lender, saw its market capitalisation jump by more than £1bn in early trading. In an announcement on Tuesday, the FCA said compensation payouts for around 14 million unfair motor finance deals could begin next year with individual motorists receiving an average of £700. Robert Noble, a Deutsche Bank analyst, said the FCA's plan was “towards the better end of expectations ”. At least four million car finance deals are estimated to have already been subject to a complaint, meaning a further 10 million could still be raised. The FCA said the £8.2bn total cost to lenders was based on about 85pc of el
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