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Home»Automotive»Close Brothers posts £100m loss but is ‘specializing in resilience’
Automotive

Close Brothers posts £100m loss but is ‘specializing in resilience’

Tom SeymourBy Tom SeymourMarch 18, 2025No Comments2 Mins Read
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Close Brothers Posts £100m Loss But Is ‘focusing On Resilience’
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Close Brothers Group has posted an operating loss before tax of £103 million for its half 12 months results.

The figures have caused a 14% drop within the firm’s share price.

Mike Morgan, Close Brothers chief executive, said the performance is one in all strength and resilience of the firm’s business model despite putting aside a provision of £165 million to ready the business for a possible redress scheme for purchasers if one is introduced by the Financial Conduct Authority (FCA).

The FCA continues to be reviewing motor finance commission arrangements and a Supreme Court appeal process is pending firstly of April.

In consequence of this uncertainty, Close Brothers will not be paying interim dividends for the primary half of its 2025 financial 12 months.

Morgan said: “My priorities include specializing in greater simplification, improving operational efficiency and driving sustainable growth.

“Our goal is to make sure that, once the motor finance commissions uncertainty has been resolved, the group is well positioned to generate strong, sustainable returns.

“Alongside a stronger capital position, delivering on these priorities will create a more efficient and resilient business, one which delivers greater value for shareholders and continues to support customers, as we’ve through many cycles.”

Motor finance uncertainty to cost Close Brothers £200m

Morgan expects the entire impact of the motor finance investigation uncertainty to a price roughly £200m to Close Brothers.

It is a results of elevated costs to the business resulting from advisory fees, associated costs with complaints handling, operational and legal costs, in addition to the redress provision.

The broader industry continues to be waiting for the FCA to publish the outcomes from its review into the past use of motor finance discretionary commission arrangements (DCAs).

The outcomes of the review were expected to be published in May, however it has now confirmed it should publish its results and next steps inside six weeks of the Supreme Court’s decision.

For the reason that FCA launched its review, a ruling by the Court of Appeal has raised the opportunity of widespread liability amongst motor finance firms wherever commissions weren’t properly disclosed to customers.

The Supreme Court will hear an appeal against the Court of Appeal’s judgment on April 1-3.

This Article First Appeared At www.am-online.com

100M Brothers Close Focusing loss posts Resilience
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