Bank to quit Britain in protest against ‘unfair' £750m car finance bill [Yahoo! Finance]
FIRSTRAND LTD UNSP/ADR (FANDY)
NASDAQ:AMEX Investor Relations:
firstrand.co.za/investorcentre
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Source: Yahoo! Finance
FirstRand, which owns roughly a tenth of the UK car finance sector through MotoNovo, has vowed to abandon its UK operations as result of the City watchdog's mass redress scheme for mis-sold car loans In a notice to shareholders, the South African bank said it would leave its motor finance operations in Britain because it no longer has the “risk appetite” for the UK. The Financial Conduct Authority (FCA) finalised details of the scheme at the end of March, which FirstRand said were “disproportionate and unfair” The terms of the scheme mean FirstRand now expects its compensation bill to hit £750m, up from its previous estimate of £510m. The firm's announcement shows how the fallout from the car finance scandal is rocking the sector as millions of borrowers prepare to claw back compensation. Around 12 million drivers will be entitled for an average payout of £829 under the FCA's scheme , which will cost the car finance industry as much as £9.1bn. This compensation is for cus
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