Close Brothers Share Discussion Threads

[blackhorse23] 04/11/2024 10:03

They are in biggest scandal list in history , bigger than PPI claim .

[jackthecat1] 04/11/2024 10:00

1000% correct lab305. Its just pure ambulance chasing, simple as that. MADNESS. And by the way, the Lawyers have no interest in sorting this mess, as they will be making £500 an hour from all the ambulance chasers going forward. You have to laugh

[chriss911911] 04/11/2024 09:31

lab305, if you buy a newspaper you know what the price is and what you got for it the news paper, so no fiduciary duty arises, not the same when you buy services especially financial services as common law has always identified with people in position of trust selling things as very different to most sales.

When you buy finance, your paying for services, so you need to know what services you have bought to be sure you know what you spent your money on, if not, the finance company who is a position of trust has failed in their duty, common law has been there for decades/centuries. FCA specifically spell out certain things in statute in 2020, but the basic position, has always been there in common law that goes further, than specific statute law based rules.

If Close didn't disclose fully what people were buying, it's a problem then, and now, in case of Close, it appears also current stuff post 2020 as well is impacted,they are mostly broker model, not direct lend as is the case with other high street bank. So IMO, only amplifies for close relative exposure compare to other banks which have also significant direct to consumer models that persist in most other banks where DCA's cannot arise, as no intermediary.

[davius] 04/11/2024 09:14

It does beg the question of where it will end. I recall reading something many years ago about stores like CURRYS making more money from finance deals than electrical goods. If this issue is going to spread then everyone that ever bought anything from retail will be claiming that the store failed to reveal what commission they received. And seeking compensation.

[lab305] 04/11/2024 08:50

The whole concept is ridiculous. Can I now sue my newsagent for not telling me how much commission he receives from a newspaper or packet of polo mints? What about the delivery man as well? If they want to change the law to reflect this fine but you can't have retrospective legislation. Nobody was charged any amount that they did not agree to and signed up to accordingly.

[diku] 04/11/2024 08:33

Is CBG in the FTSE 250 or lower tier index?...fundies forced to sell hence full filling prophecy...

[diku] 04/11/2024 08:27

Post 1649...that raises another question...where does the data protection stand...if info is passed from A to B?...



Hidden commissions typically arise when an introducer, agent or finance broker sells you finance or a loan from a lender or bank. If the broker or agent received a secret commission for passing your details to the lender, and did not inform you of this, that is a hidden fee. The bank or lender must inform you of all fees within the transaction at the point of sale.

[hamhamham1] 04/11/2024 05:15

What is undisclosed commission?

Hidden commissions typically arise when an introducer, agent or finance broker sells you finance or a loan from a lender or bank. If the broker or agent received a secret commission for passing your details to the lender, and did not inform you of this, that is a hidden fee. The bank or lender must inform you of all fees within the transaction at the point of sale.

The broker owes a fiduciary duty to their client, including informing them of any profit they will make in the transaction.

### Whether or not you agree with the law, thats a different argument, there are processes the agents/lenders must follow and declare at the point of sale.
Look the responsibility could equally be with the agents, ie the motor dealers, to highlight these details at PoS?
But for some reason. They are off the hook?

[hamhamham1] 03/11/2024 18:42

It was the same with PPI, most were fully aware of what they signing up to, but in today's society there is a default victim approach, and is likely to be the case here IMO.
Time will tell.

[diku] 03/11/2024 17:32

What was the main or one particular reason that triggered the customer to lodge a complain?...was it financial stress unable to pay monthly obligations or other...

[karv1] 03/11/2024 11:39

Problem with the UK is we have way to many bureaucrats that sit in there small gold fish bowls.
Best thing for this country is for someone in power is to simply close all this commission stuff down, because this is what is best for the UK PLC.
Then to clarify from 6 months time all commissions has to be 100% transparent.
No matter the liabilities, The unwritten rules has always been if you follow the governing body rules of the time in any industry you do not get blames for stuff in the pass if you were following the industry rules of the time.
AND We are not talking about some voluntary body we are talking about the FCA and BOE Which many countries follow or have influenced around the world for a single group/judge to say nope its all wrong and dismantle 50 years of financial transactions and billions of individual transactions which have been ok by the FCA/BOE . Something some where is wrong.

[j2m] 03/11/2024 10:27

Agree puzzler... Just another way of hitting business with a wealth distribution tax. Just waiting for them to bring up HP from back in the 80s. I brought a VCR back in the day and must have paid 4x the price.. :)

[puzzler2] 03/11/2024 08:16

The detail of who gets what doesn't matter. You take a car deal at a price including interest at x% APR - or not - that's your choice. The problem today is twofold - too many people are financially illiterate and every problem is someone else's fault. This matter should not have been given the light of day.

[santar] 03/11/2024 01:10

ham... but what all these cases conveniently ignore is that the buyer purchases a package of car with financing. The dealer certainly took into account any finance commision when setting the discount level for the car. Any buyer who says he was unaware is either very naive or disingenious. He may not have been told the exact commission amount but he would have been very aware that arranging financing through the dealer got him a big discount.

[robizm] 01/11/2024 18:47

That is when they are disputed. If they admit liability when the complaint is made then no need to go to FCA.

[karv1] 01/11/2024 14:45

If you believe the analyst
this is a steal.
I won't torture everyone with the same numbers i had thrown out yesterday.
Just as an extra thought to add to yesterday information don't every claim that goes to FCA cost £750 to lender no matter the out come.

[live ink] 01/11/2024 13:33

Gentlemen,

This share price looks all wrong to me. TNAV is probably well in excess of 1300p as against a current share price of 235p. There is no suggestion that the management are incompetent - indeed far from it. Surely, CBG will come through all this even if it takes a loss of £500m as a result of this Court decision. If so, 235p will still look very cheap.

Live Ink

[j2m] 01/11/2024 11:02

Would be happy if it just stays in positive territory for the day!

[suetballs] 01/11/2024 09:02

Am I tempted to get back in.
Close maybe!
Suet

[karv1] 01/11/2024 08:54

Nope I do not short. I just debate my view, I am always happy to debate views. I tried to semi short once a long time on a different account. I got greedy very bad experience lost a lot of money very fast. So now I just buy and sell.

[robizm] 01/11/2024 08:51

Still short Karv

[karv1] 01/11/2024 08:46

Well done for those who regaind or made some money.
All I will say is do your own research do use relie on analysis views.
Every number can be twisted 5 ways.

[tomboyb] 01/11/2024 08:29

up 5% now -