Close Brothers shares surged this morning after posting an update on the motor finance redress scheme announced by the City watchdog last week. At the end of January, the business estimated the financial impact of the motor finance scandal to cost it £294million. The FCA redress scheme covers around 720,000 loans written by Close Brothers between April 2007 and November 2024. Payments are expected to run from summer 2026 to the end of the 2027 calendar year, according to Close Brothers. Today's update from Close Brothers follows the publication of a note from short-seller Viceroy, which accused Close Brothers of under-provisioning and 'systematically misrepresenting' it exposure to the motor finance debacle.

Source: Daily Mail April 08, 2026 09:09 UTC