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LONDON - The UK’s Financial Conduct Authority (FCA) has announced plans to consult on an industry-wide redress scheme regarding motor finance commissions, according to a statement from Close Brothers (F:CBRO) Group plc on Monday.
The announcement follows Close Brothers’ previous disclosure on August 2, with the FCA’s intention to consult being made public on August 3.
"We look forward to engaging with the FCA in respect of the consultation," Close Brothers stated in its release.
The consultation would address issues related to commission practices in the motor finance sector, potentially affecting multiple financial institutions operating in this market.
Close Brothers Group is a UK merchant banking group that provides lending, deposit taking, and securities trading services. The company employs approximately 3,000 people, primarily in the United Kingdom (TADAWUL:4280) and Ireland, and is listed on the London Stock Exchange (LON:LSEG) as a constituent of the FTSE 250.
The statement did not provide specific details about the scope, timeline, or potential financial implications of the FCA’s proposed consultation.
This information was released by Close Brothers based on a company press release statement.
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