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. 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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. ","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","SAN":"桑坦德银行","LYG":"劳埃德","BK4207":"综合性银行"},"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"}}}