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Close Brothers Stock Flags amid Scrutiny from UK FCA

Close Brothers Stock Flags amid Scrutiny from UK FCA

by Starling Insights

Starling Insights Editorial Board

Feb 08, 2024

Observations

UK UK FCA The Costs of Misconduct Consumer Protection

UK bank Close Brothers has lost one-third of its value since the start of 2024. According to Bloomberg, the Close Brothers' share price has flagged amid ongoing reviews by the Financial Conduct Authority (FCA) into two markets in which the bank operates.

In January, the FCA launched an investigation into auto lenders' use of "discretionary commissions," which incentivized finance brokers and dealers to raise interest rates on auto loans until the practice was banned in 2021. The probe, which will look at lenders' conduct as far back as 2007, may cost the industry up to £13 billion.

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