Car deliveries halted amid fears motor finance scandal is ‘bigger than PPI' [Yahoo! Finance]
Royal Bank Of Canada (RY)
Last royal bank of canada earnings: 2/21 06:00 am
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Source: Yahoo! Finance
Honda last weekend ordered showrooms not to deliver vehicles bought via financing deals following a shock court ruling on commissions paid to car salesmen BMW also told dealerships to pause, although both companies have since resumed deliveries using interim arrangements. It comes after banks, car manufacturers and dealers flew into a panic on Friday when Court of Appeal judges ruled that commission fees added to financing deals – a standard arrangement used for decades – were in fact unlawful. The decision effectively overruled previous guidance issued by regulator the Financial Conduct Authority (FCA) and plunged the car industry into crisis. The Government confirmed on Thursday it was ramping up efforts to stem the crisis, saying it was working closely with regulators and the industry to “understand the impact” of the judgement. Treasury officials are understood to have held calls with bank representatives on Thursday afternoon to discuss the implications of the ruling.
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RY
Earnings
- 8/28/24 - Beat
RY
Sec Filings
- 11/5/24 - Form 424B2
- 11/5/24 - Form FWP
- 11/5/24 - Form FWP
- RY's page on the SEC website