Close Brothers Suspends Dividend Over FCA's Motor Finance Investigation [MarketWatch]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
Company Research
Source: MarketWatch
regulator's investigations into past commission arrangements made by several motor finance companies. The financial-services company said Thursday that the reinstatement of dividends in fiscal 2025 and beyond will be reviewed once the Financial Conduct Authority has concluded its process and financial consequences have been assessed. Advertisement "There is significant uncertainty about the outcome of the FCA's review, and the timing, scope and quantum of any potential financial impact on the group cannot be reliably estimated at present," it said. The company said it isn't making any provision in the first half of fiscal 2024, but that it needs to plan for a range of possible outcomes. "The board is implementing a range of actions to further accrete capital including optimizing risk-weighted assets and continued delivery of our cost management initiatives," Close Brothers said. Advertisement On Jan. 11, the FCA said it was investigating historic commission arrangements
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