This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

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....

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Documents

Related Sections