Close Brothers Share Discussion Threads

[tomboyb] 25/10/2024 13:25

Stupid CBG -

[tomboyb] 25/10/2024 13:24

hxxps://www.cityam.com/court-sides-with-consumers-in-motor-finance-claims-against-close-brothers-and-firstrand/

The reaction on the groundbreaking decision
Close Brothers informed its shareholders that it “disagrees with the court’s extension of the existing case law in this area”. The merchant bank said it would be appealing this decision to the UK Supreme Court.

The bank noted that the financial impact of the Hopcraft case in isolation is not material to the Group.

However, subject to the appeal to the Supreme Court, the judgment may set a precedent for similar claims, which may (depending on the specific facts of those cases) result in significant liabilities for the group.

Close Brother’s added that it is therefore currently not possible to assess the timing, scope or quantum of any potential financial impact on the group.

While, Kavon Hussain, principal at Consumer Right Solicitors, who brought the case to the Court of Appeal, said: “Unknown to customers, lenders systematically incentivised car dealers acting as credit brokers to place finance with them by paying commissions that were not disclosed to the consumer.”

“These hidden commissions paid to dealers meant that the consumer could pay anything from a few hundred pounds to many thousands extra to a lender through interest payments, for the lender to then pay this to the dealer,” he added.

While Stephen Haddrill, director general of the FLA, which represent motor finance lenders said: “This is a significant and unexpected judgment, the implications of which stretch far beyond the motor finance sector, making it an issue that demands the immediate attention of the FCA.”

[hamhamham1] 25/10/2024 13:02

I took a 15% haircut.
Am out.
Too long, complicated and drawn out process for me now.
(And don't trust Labour/courts not to try and look like shining knights for Joe Piblic).
GLA holders.
For me, plenty of other stocks out there, some you win, some you lose.

[cirlbunting1] 25/10/2024 12:46

Same. Got my avg down to 3.2

[suetballs] 25/10/2024 12:42

oxman - I hope you fair better than I have.
suet

[its the oxman] 25/10/2024 12:35

Hard to resist sub 300p . Thx.

[suetballs] 25/10/2024 12:24

To my mind all the banks should get together and fight this - but whatever happens it won't be cheap.
Just look at gsk and zantac - no real evidence that zantac has caused any cancers but the settlement figure (for not all the litigation) is enormous.
Suet

[tomboyb] 25/10/2024 12:17

Bouncing -

[suetballs] 25/10/2024 12:16

I don't know what is supposed to happen when you have operated legally under the relevant rules and regulations imposed by the FCA etc and then the courts decide to undo it all.
Perhaps compromise is the word.
It's a bloody mess.
Suet

[tomboyb] 25/10/2024 12:10

If they fail the appeal then there could be significant liabilities -

We just have to wait for the appeal to occur -

I suspect there will be plenty of news over the weekend -

[tsmith2] 25/10/2024 12:09

taken chunk more

[suetballs] 25/10/2024 12:08

The test match ain't going great either.
Suet

[sbb1x] 25/10/2024 12:03

3 day rule anybody....

[karv1] 25/10/2024 11:55

If they are halting all motor new loans and rewriting there policy's does it mean they fear everyone that's had a loan with them could put a claim in?

[tomboyb] 25/10/2024 11:49

Its the uncertainty however i have bought a few below 295 -

lets see where this goes -

[suetballs] 25/10/2024 11:42

Friday not a great day for this news - the weekend press will have a field day.
Suet

[suetballs] 25/10/2024 11:40

Maybe the banks can sue the FCA for following their rules.
Suet

[sbb1x] 25/10/2024 11:37

Another amigo going to zero ?

[tomboyb] 25/10/2024 11:28

I actually like this damn company -

I've no idea where it goes from here -

I agree with TIM. The UK is imploding from within -

"Very very" stupid to get yourself in such a mess -

[suetballs] 25/10/2024 11:24

Yes tomboy - lloy also retreating.
Suet

[tomboyb] 25/10/2024 11:24

Stupid -

What a mess they have themselves in -

[tomboyb] 25/10/2024 11:23

The financial impact of the Hopcraft case in isolation is not material to the Group. However, subject to the appeal to the UK Supreme Court, the judgment may set a precedent for similar claims, which may (depending on the specific facts of those cases) result in significant liabilities for the Group.

[suetballs] 25/10/2024 11:21

Reputational damage here as well.
Who will want to do business with a severely wounded cbg.
I certainly got this one wrong!
Suet

[tomboyb] 25/10/2024 11:20

can't believe it -

wth are they doing -