Barclays's Motor Finance Judicial Outcome Not Indicative of Supreme Court Case -- Market Talk

Dow Jones12-17

1309 GMT - The outcome of Barclays's judicial review doesn't offer a hint to the likely outcome of the Supreme Court case involving Close Brothers and FirstRand, JPMorgan says in a research note. Both cases relate to motor finance commissions. The British bank lost its challenge of a judicial review related to customer complaints against the Financial Ombudsman Service on Tuesday. The original case against Barclays kick-started a Financial Conduct Authority review into historical motor commission arrangements in the sector. The two cases have different purposes and scopes but both will likely feed into any FCA redress scheme, analysts Sheel Shah and Kian Abouhossein write. Motor finance issues still loom over exposed players, such as Barclays, Close Brothers and Lloyds Banking Group. Shares in the three lenders fell on the back of the news before paring some losses. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

December 17, 2024 08:09 ET (13:09 GMT)

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