Motor Finance Liability for U.K. Banks Could Amount to 28 Billion Pounds, KBW Says -- Market Talk

Dow Jones

2025/01/06

0909 GMT - The U.K. banking sector could face a total liability of around 28 billion pounds from motor finance cases related to commissions on car loans, Keefe, Bruyette & Woods says in a report. The estimate is based on the assumption that U.K. banks are unsuccessful with their Supreme Court appeal and on a total commission redress. "The biggest area of uncertainty is the quantum of commission, which varies between 2% and 26% in the Court of Appeal and Financial Ombudsman cases," analysts write. KBW raises its redress liability estimate for Lloyds Banking Group to 4.2 billion pounds from 2 billion pounds. For Close Brothers, it now pencils in a 460 million-pound liability, up from 350 million pounds previously, while a modest 29 million-pound hit is still expected for Vanquis. These are already more than reflected in share prices, KBW notes. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

January 06, 2025 04:09 ET (09:09 GMT)

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The estimate is based on the assumption that U.K. banks are unsuccessful with their Supreme Court appeal and on a total commission redress. \"The biggest area of uncertainty is the quantum of commission, which varies between 2% and 26% in the Court of Appeal and Financial Ombudsman cases,\" analysts write. KBW raises its redress liability estimate for Lloyds Banking Group to 4.2 billion pounds from 2 billion pounds. For Close Brothers, it now pencils in a 460 million-pound liability, up from 350 million pounds previously, while a modest 29 million-pound hit is still expected for Vanquis. These are already more than reflected in share prices, KBW notes. (elena.vardon@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 06, 2025 04:09 ET (09:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BCS","symbol_name":"巴克莱银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2501288582","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501288582","pubTimestamp":1736154540,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0909 GMT - The U.K. banking sector could face a total liability of around 28 billion pounds from motor finance cases related to commissions on car loans, Keefe, Bruyette & Woods says in a report. The estimate is based on the assumption that U.K. banks are unsuccessful with their Supreme Court appeal and on a total commission redress. \"The biggest area of uncertainty is the quantum of commission, which varies between 2% and 26% in the Court of Appeal and Financial Ombudsman cases,\" analysts write. KBW raises its redress liability estimate for Lloyds Banking Group to 4.2 billion pounds from 2 billion pounds. For Close Brothers, it now pencils in a 460 million-pound liability, up from 350 million pounds previously, while a modest 29 million-pound hit is still expected for Vanquis. These are already more than reflected in share prices, KBW notes. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BCS":"巴克莱银行","BK4521":"英国银行股","BK4207":"综合性银行","LYG":"劳埃德","SAN":"桑坦德银行"},"translate_title":"KBW表示，英国银行的汽车金融负债可能达到280亿英镑——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAN":0.9,"LYG":0.9,"BCS":0.9},"content_text":"0909 GMT - The U.K. banking sector could face a total liability of around 28 billion pounds from motor finance cases related to commissions on car loans, Keefe, Bruyette & Woods says in a report. The estimate is based on the assumption that U.K. banks are unsuccessful with their Supreme Court appeal and on a total commission redress. \"The biggest area of uncertainty is the quantum of commission, which varies between 2% and 26% in the Court of Appeal and Financial Ombudsman cases,\" analysts write. KBW raises its redress liability estimate for Lloyds Banking Group to 4.2 billion pounds from 2 billion pounds. For Close Brothers, it now pencils in a 460 million-pound liability, up from 350 million pounds previously, while a modest 29 million-pound hit is still expected for Vanquis. These are already more than reflected in share prices, KBW notes. (elena.vardon@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 06, 2025 04:09 ET (09:09 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}