Shares in Close Brothers have taken a pointy hit within the wake of a landmark ruling by the Court of Appeal which determined that motor finance brokers must provide full disclosure on commissions when arranging automotive loans.
The choice comes after three cases involving Close Brothers, Motonovo Finance and South African Firstrand Bank were merged earlier this 12 months. The cases got the green light in March to appeal the choices of earlier court hearings and all proceeded to 1 trial on the Court of Appeal in July.
The judges ruled that disclosure didn’t occur in any of those cases which initially present in favour of the lenders concerned and today, the court revealed it has unanimously allowed all three appeals.
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