Close Brothers Share Discussion Threads

[tomboyb] 07/11/2024 13:56

No more sellers - ?

[tomboyb] 07/11/2024 13:46

Blue today -

[blackhorse23] 07/11/2024 11:27

Nothing will improve until April next year, I sold out from here and bought VANQ , just now .. here share price will drop below 150p , looks like , may be below 100p

[tomboyb] 07/11/2024 10:23

The uncertainty is killing the share price -

And its a long wait -

[berny3] 07/11/2024 09:25

If there is anything positive I think it will be difficult to catch the upswing.

[lab305] 07/11/2024 08:22

You are probably right. After a conversation I had last night I sold them first thing. I was disappointed not to see a bounce after Dow's great performance .

[j2m] 07/11/2024 08:09

No rush Lab. It will be a £1 cheaper in a few weeks.

[lab305] 06/11/2024 18:05

J2M ...well one of us is right.I was buying yours!

[j2m] 06/11/2024 17:40

No rally coming anytime soon. Sold up today. Goodluck to holders going forward.

[jsg123] 06/11/2024 10:02

Yeah right, massive rally

[gregpeck7] 06/11/2024 08:20

Big rally coming here now

[jubberjim] 06/11/2024 06:37

I will await developments here and elsewhere but I am not seeing any light at the end of the long dark tunnel I can see stretching before me.

This early it looks to me that Trump will emerge victorious but it leaves a bitter taste in my mouth.

Expect a minor fillip for stock market but will not be getting involved just yet and if that means missing out so be it.

will keep my 30% holding in cash and will see what tomorrow brings.

Hope if Harris is the loser that she loses a lot more graciously than the loud mouthed draft dodger has as in the past.

Good luck everybody

[tsmith2] 05/11/2024 22:53

the whole of the article would be more honest RBC Capital Markets cut its price target on shares of Close Brothers to 425p from 435p and added a "speculative risk" qualifier to its rating as it assessed the impact of premium finance.The bank said that if the Supreme Court upholds the Hopcraft judgement applying a broad interpretation, motor finance litigation could spread to other products like premium finance."There is an outstanding question following last month's Court of Appeal judgement: does the ruling have wider implications outside motor finance? One possible interpretation is that the decision is broad enough to encompass any broker commission in any finance arrangement in which the borrower did not provide informed consent to the commission being paid," RBC said."Our focus until now has been on motor; today we broaden our attention to premium finance."It noted that Close Brothers is the only bank in its coverage that has material exposure here - around 10% of the loan book, 50% retail, and 80:20 motor:home, respectively.RBC said that its initial estimate of the potential liability for CBG - in the event of a bad outcome in respect of premium finance - is around £250m, of which £100m has been included in its model.The bank said total commission provisions now in its model are £420m, £320m of which are for motor and £100m for premium finance."Whilst CBG's CET1 can absorb this (CET1 trough 11.6%), assuming that the bank unwinds its motor/premium loan books and doesn't pay a dividend in FY25-26, our downside scenarios of circa £640m (motor £390m; premium £250m) suggest there could be a bleaker path," it said.RBC reiterated its 'outperform' rating on the shares but now includes a "speculative risk" qualifier to account for increased earnings unpredictability.

[blackhorse23] 05/11/2024 22:40

RBC said that "Whilst CBG's CET1 can absorb this (CET1 trough 11.6%), assuming that the bank unwinds its motor/premium loan books and doesn't pay a dividend in FY25-26, our downside scenarios of circa £640m (motor £390m; premium £250m) suggest there could be a bleaker path," it said.

[kktoonot] 05/11/2024 19:19

"the proposed grounds of appeal are unarguable" - even though there has not been an appeal lodged yet (no proposal), which is quite arrogant phrasing from the CoA. "unarguable" indeed.
The appeal contradicts the fiduciary aspect within the Plevin case relating to PPI, which stated that you can't have expected a broker to work for nothing. Nor can you expect a person effectively transiting a regulatory Chinese wall changing hats from an ok conflict on the price of the car to "offering" a finance option gratis. The Supreme Court needs to clarify a few aspects, if not overrule the CoA.

[live ink] 05/11/2024 16:15

Gentlemen,

It is curious that the CoA did not define the basis of computing losses that would yield an exceptional charge to CBG.

Live Ink

[jubberjim] 05/11/2024 11:18

The FCA were not fit for purpose under Bailey and the morons in charge are continuing in the same vein.

By my best guess estimate they are having a negative impact on both Close Brothers and Lloyds to the tune of at least 34%

Either make a decision or get off the pot you dimwits

The only winners from their prevarications are the FCA and the hedge funds taking these shares and us shareholders to their knees.

Make a decision and then maybe we can move forward.

[chriss911911] 04/11/2024 17:11

Fitch put one of the biggest lenders in the motor finance sector, Close Brothers, on a “negative̶1; ratings watch on Friday due to the lender’s high exposure to motor finance

[chriss911911] 04/11/2024 15:23

Putting aside opinions....actions matter more here...."Carmakers including Honda and BMW have temporarily halted sales to customers", "lawyers have warned could be bigger than PPI.."

Ultimately the decision to grant an appeal is taken by the Supreme Court. But the view that there should be no rehearing of the case is an unusually bold one by the Court of Appeal, and will be taken into consideration by the U.K.’s highest court.

“It is not the general practice of this Court to give reasons for refusing permission to appeal, but in the light of the postscript to the judgment, the Court wishes to make it clear that it takes the view that the proposed grounds of appeal are unarguable and/or would make no difference to the outcome on the facts of the present case,” the sealed order says.

A spokesperson for the Supreme Court said the companies involved can still file a “permission to appeal (PTA)” directly to the court. “They have 28 days to do this from the day of the judgment hand-down in the Court of Appeal. So far, the [Supreme Court] has not received a PTA in this case,” the spokesperson said.

[tomboyb] 04/11/2024 14:34

Has anyone noticed over the weekend and late last week a huge array of adverts appearing for car finance claims all over social media -

A few emails to me as well. A blanket response -

[jackthecat1] 04/11/2024 12:32

The biggest problem with all of this pish is the Judge who allowed this to happen. It will ruin the industry & the funny thing is, the customers will be the ones who suffer the most!!. You couldnt make it up. Funders will put their rates & fee's up and it will slow the whole finance process ( Regulated & Unreg) down to a crawl.

In a few months, they will wish they had left this alone. Shambles x 1000

[jubberjim] 04/11/2024 11:57

Have taken the opportunity to top up

Baby steps

[onwego] 04/11/2024 11:36

It does appear there’s scope for genuine mis-selling here. If loans are pushed, and the more punitive the rate, the higher the related commission, there’s a problem. If the chosen vehicle is suddenly unavailable for sale because the customer won’t take the associated finance package, then there’s a problem.

[blackhorse23] 04/11/2024 10:04

I would not surprise if drop below 100p , refund and fine could lead total payment 800m to 1 billion , group need placing