Close Brothers Cancels Dividend Amid FCA Review of Car Finance [BNN Bloomberg (Canada)]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
Company Research
Source: BNN Bloomberg
“The group will not pay any dividends on its ordinary shares for the current financial year,” the lender said in a statement Thursday. “The reinstatement of dividends in the 2025 financial year and beyond will be reviewed once the FCA has concluded its process and any financial consequences for the group have been assessed.” Last month, the FCA said it would review car finance loans made before 2021 amid complaints of misselling, which could result in millions of customers being eligible for compensation. It's also weighing a crackdown on insurance premium financing after describing the business as a “poverty premium.” Shares of Close Brothers have halved this year on news of the investigation. ©2024 Bloomberg L.P.
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