Mis-selling: Car lender Close Brothers said it wanted to cover legal and compensation costs for affected customers – but that ‘significant uncertainty’ remained amid ongoing action.
The lender said it wanted to cover legal and compensation costs for affected customers – but that ‘significant uncertainty’ remained amid ongoing action.
Close Brothers is to set aside up to £165million to cover a motor finance mis-selling scandal that could leave the sector with a bill of tens of billions.
Close Brothers said the sum set aside yesterday came after ‘a thorough assessment’ based on ‘available information and recent developments’.
And analysts at Canadian Bank RBC said the figure implied that Lloyds, which has already taken a £450million hit over the scandal, would have to put aside a further £1.2billion when it reports full-year results next week.
