The UK's Financial Conduct Authority is contemplating extending the timeframe for banks to address customer complaints related to fixed commissions on auto loans. This consideration arises amid ongoing scrutiny of significant lawsuits involving Close Brothers Group Plc and FirstRand Ltd, both of which plan to appeal their recent losses.
The UK's Financial Conduct Authority plans to request the Supreme Court expedite its decision on two significant cases involving auto lenders Close Brothers Group Plc and FirstRand Ltd. These cases are crucial for the FCA's ongoing regulatory investigation into car finance practices, as both lenders intend to appeal their recent losses.
UK banks are facing potential payouts in the billions following a court ruling that deemed lenders insufficiently transparent regarding auto loans. Analysts from Citigroup Inc. suggest that the estimated £9 billion charge for the sector could double if the ruling influences broader motor financing practices in Britain.
Shares of Close Brothers Group Plc fell sharply after the company lost a court ruling regarding its disclosure obligations for car loan customers, which could lead to significant liabilities. In response, Close Brothers has paused new UK motor finance business while reviewing its processes and plans to appeal the decision to the UK’s Supreme Court.
Lazard has appointed Will Thompson as Managing Director of Healthcare Services, effective November 4, 2024, based in London. Thompson, who previously worked at Lazard from 1998 to 2004, joins from Barclays, enhancing Lazard's healthcare advisory capabilities alongside recent hire Michele Colocci. The firm has seen significant growth in its healthcare business, advising on over $245 billion in transactions since 2020.
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