Car finance investigation forces merchant bank to scrap £100m dividend [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
Company Research
Source: Yahoo! Finance
Close Brothers said investors would receive no payouts this financial year owing to “uncertainty” surrounding the Financial Conduct Authority (FCA) review. Shares in the FTSE 250 listed group fell as much as 30pc following the announcement. Close Brothers' share price is now down more than 60pc so far this year over fears about exposure to the FCA investigation. The FCA is currently reviewing possible consumer harm over the historic mis-selling of car finance used to fund the purchase of second hand motors. The regulator is due to decide whether compensation is owed to thousands of drivers by September. As a significant player in the motor finance market, Close Brothers is bracing for a hit if the FCA finds that customers are owed redress. The company sold motor finance through a network of 4,000 dealerships across the country. The FCA investigation is going back to as early as 2007, leaving lenders uncertain about the size of the potential impact. A dividend, which ana
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News
- Should You Diversify Your Portfolio By Industry Or Sector? [Seeking Alpha]Seeking Alpha
- UK’s Close Brothers launches £400mn capital plan ahead of FCA probe [Financial Times (FT.com) (UK)]Financial Times
- UK’s Close Brothers launches £400mn capital plan [Financial Times (FT.com) (UK)]Financial Times
- Lloyds takes £450m hit over car finance mis-selling claims [Yahoo! Finance]Yahoo! Finance
- PRESS DIGEST-British Business - Feb. 16 [Yahoo! Finance]Yahoo! Finance