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UK's Close Brothers to set aside GBP165 million for car finance scandal

( February 12, 2025, 11:10 GMT | Official Statement) -- MLex Summary: UK car finance lender Close Brothers is to set aside 165 million pounds for the ongoing car finance probe in Britain which might cost car finance lenders billions of pounds in redress costs, according to a statement from the company. Close Brothers is among the most exposed lenders to redress costs after the UK Court of Appeal decided that hidden commissions paid from lenders to brokers without customers' consent are unlawful. The Supreme Court is yet to make a final decision with the hearing scheduled for April.  Statement is attached....

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