Close Brothers, a leading UK merchant banking group, has recently announced that it has allocated £400 million to cover potential costs related to an ongoing investigation by the Financial Conduct Authority (FCA) into its motor finance business. The investigation, which was launched in 2019, is looking into whether the company has been treating customers fairly in its motor finance division.
The FCA’s investigation is part of a wider crackdown on the motor finance industry, which has come under increased scrutiny in recent years for potentially unfair practices such as high interest rates, hidden fees, and irresponsible lending. Close Brothers is just one of several companies that have been targeted by the FCA in an effort to protect consumers and ensure that they are being treated fairly by financial institutions.
In response to the investigation, Close Brothers has set aside £400 million to cover any potential costs that may arise from the FCA’s findings. This move is seen as a proactive step by the company to address any issues that may be uncovered and to demonstrate its commitment to compliance with regulatory standards.
While the outcome of the investigation is still pending, Close Brothers has stated that it is cooperating fully with the FCA and is committed to addressing any concerns that may arise. The company has also emphasized that it takes its responsibilities to customers seriously and is dedicated to providing transparent and fair financial services.
In the meantime, customers of Close Brothers’ motor finance division can rest assured that the company is taking steps to ensure that they are being treated fairly and in accordance with regulatory standards. It is important for consumers to be aware of their rights when it comes to financial services and to report any concerns they may have about their dealings with financial institutions.
Overall, Close Brothers’ decision to allocate £400 million for the ongoing FCA investigation demonstrates its commitment to transparency and accountability in its business practices. As the investigation progresses, it will be important for the company to continue to cooperate with regulators and take any necessary steps to address any issues that may arise.
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- Source: https://zephyrnet.com/close-brothers-sets-aside-400m-as-fca-continues-motor-finance-probe/