Santander suffers £295m hit from motor finance scandal [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Yahoo! Finance
The lender, which is owned by Spanish parent Banco Santander, made the provision to pay for a wide-ranging regulatory review into whether compensation is owed to customers who borrowed money from the bank to buy a car. The decision to set aside cash meant Santander's profits for the three-month period ending Sept 30 fell to £143m from £413m, reflecting a 65pc decline. The provision was widely expected after the bank delayed its results last month owing to a Court of Appeal judgement that widened the scope of possible motor finance mis-selling claims. Santander said the £295m “includes estimates for operational and legal costs and potential awards, based on various scenarios using a range of assumptions”. It added: “There are currently significant uncertainties as to the nature, extent and timing of any remediation action if required, and the ultimate financial impact could be materially higher or lower than the amount provided.” Lenders had already come under pressure from
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