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Close Brothers increases car finance scandal provisions, criticizes UK watchdog

( October 14, 2025, 10:44 GMT | Official Statement) -- MLex Summary: UK merchant bank Close Brothers has increased its provisions to £300 million to compensate Britain's customers that received unfair car finance loans under a proposal from the Financial Conduct Authority. In a statement Tuesday, Close Brothers criticized the watchdog's redress methodology arguing that it does not reflect actual customer loss or achieve a proportionate outcome. The merchant bank also criticized the FCA's proposed approach to assessing unfairness. The group had initially put aside £165 million. Statement follows....

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