U.K. Court Ruling Casts Longer Shadow of Uncertainty on Motor-Finance Sector -- Market Talk

Dow Jones10-28

0923 GMT - The U.K. Court of Appeal's decision in favor of motor-finance commission claimants could extend uncertainty for exposed banks, Shore Capital says in a research note. This is because the ruling could delay the Financial Conduct Authority's review into the sector even further, analyst Gary Greenwood writes. "We had initially assumed this related to discretionary commissions, which are already being investigated by the FCA, but it is now apparent that the ruling relates to all motor finance commission agreements where disclosure may have been insufficient," he says. The FCA is due to share its findings in May, already delayed from September initially, the analyst notes. Shares in Lloyds Banking Group and Close Brothers extend Friday's losses, shedding around 1%. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 28, 2024 05:24 ET (09:24 GMT)

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