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Close Brothers Group PLC joins fellow lenders Barclays and Lloyds Banking Group in deciding against a legal challenge to the UK Financial Conduct Authority's motor finance compensation scheme.
Close Brothers Group has decided not to legally challenge the FCA's motor finance redress scheme.
KEY POINTS
- Barclays also opted not to challenge the FCA's £9 billion motor finance compensation scheme.
- The FCA reduced its estimate for compensation payouts to £7.5 billion, plus £1.6 billion in scheme costs.
- Some lenders and the Finance & Leasing Association are still considering legal action before the Monday deadline.
COMPANIES
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