Close Brothers Sets Aside £165m for Motor Finance Scandal Amidst Looming Industry Crisis
2025-02-12
Evening Standard on MSN.com
Close Brothers is bracing for a potential storm in the motor finance sector, allocating up to £165m to address the scandal. The company's move comes as lenders across the industry face potentially hefty compensation bills, sparking concerns of a wider crisis. With the motor finance industry under scrutiny, Close Brothers' decision highlights the need for transparency and accountability. As the situation unfolds, the company's proactive approach may set a precedent for others to follow, potentially mitigating the impact of the scandal on the industry as a whole, including car finance and loan services.
