What is the car finance scandal? FCA reveals details of payout scheme [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Yahoo! Finance
The Financial Conduct Authority (FCA) recently announced that those who were owed money could expect to receive an average of £700 per agreement. In addition, Lloyds banking group ( LLOY.L ) said it may need to set aside a “material” sum of extra money to cover the cost of the FCA's scheme. The bank already has a provision of £1.2bn reserved to compensate claimants. However, after considering the FCA's updated guidance, it doesn't believe the reserves will be sufficient. The long-running saga has weighed heavily on the stocks of the most exposed players . Another impacted lender is Close Brothers ( CBG.L ), which had previously said it would set aside up to £165m for motor commission costs in the first half of its financial year. The FCA is still consulting on the scheme, but it is due to open in early 2026. The car financing scandal involved the mis-selling of financing agreements to customers. It is estimated that 44% of all agreements made since 2007 would be considered un
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