Tandem Bank: ‘Greener’ UK fintech bolsters profit April 24, 2025 Digital bank Tandem reported its third year of profitability in the 2024 financial year. The fintech – which brands itself as “the UK’s greener digital bank” – recorded a 40 per cent jump in underlying profit to £24.1m. This was up from £17.2m in 2023. Tandem’s assets under management topped £1.5bn at the end of [...]
Santander to spin off motor finance division from UK business April 22, 2025 Santander is poised to spin off its litigation-hit motor finance division as part of a major overhaul of its UK operations. The Spanish lender has sought permission from regulators to separate its car loan business, which is facing a near-£300m payout as part of the ongoing motor finance scandal, from the rest of its British [...]
Ford on the hook for £61m in motor finance scandal April 22, 2025 Ford has set aside as much as £61m as it becomes the latest company to be stung by the motor finance scandal. The American car manufacturer’s subsidiary FCE Bank made the provision for its British motor finance division in its latest accounts. The Essex-based FCE Bank said the provision reflected “estimated economic outflow” should a [...]
S&U shares slump after motor finance drags profits down April 15, 2025 Shares in specialist lender S&U dropped nearly two per cent on Tuesday after annual profits tumbled due to challenges from the motor finance scandal. Pre-tax profit for the financial year ending January 31 2025 fell to £24m, compared to £33.6m in the previous period. Impairment charges rose to £35.6m for the group, reflecting a near [...]
Close Brothers shares crash as analysts expect ‘refined’ motor finance ruling April 4, 2025 Shares in FTSE 250 lender Close Brothers fell as much as eight per cent on Monday as the landmark motor finance hearing came to a close. At the Supreme Court case, Close Brothers attempted to overturn the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car [...]
Close Brothers shares soar past target price whilst FTSE 100 banks sink April 3, 2025 Shares in FTSE 250 lender Close Brothers rallied on Thursday morning whilst its banking rivals HSBC, Barclays and Standard Chartered tumbled. The lender made gains as high as ten per cent during early trading before consolidating around five percent, as the bank clawed back recent losses. Meanwhile, Standard Chartered led the FTSE 100 losses at [...]
Close Brothers shares fluctuate as motor finance hearing kicks off April 1, 2025 Shares in FTSE 250 lender Close Brothers were volatile during early trading on Tuesday as the first day of the motor finance hearing kicked off. The bank was one of the FTSE’s top fallers as markets opened after it suffered a downgrade from City broker Peel Hunt. The broker said the “extent” of guidance downgrades [...]
Motor finance: Insurance industry nervously watches legal battle March 31, 2025 As the lenders brace for the start of a high-profile legal battle on Tuesday, the insurance industry lurks in the sidelines
Motor finance: Lloyds, Close Brothers and Santander brace for ‘shockwaves’ March 31, 2025 Judgement day nears for some of the UK’s biggest lenders as the motor finance scandal heads to the country’s highest court this week. The Supreme Court will decide whether to uphold the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed [...]
Billions on the line: Legal showdown over motor finance set to decide lenders’ fate March 28, 2025 Lenders sit in shark-filled waters with their fate in the hands of five Lord Justices as parties prepare for a showdown over motor finance on Tuesday