Britain's motor finance industry is in crisis – with banks bracing for billions in payouts [CNBC]
Banco Santander, S.A. Sponsored ADR (Spain) (SAN)
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Source: CNBC
The crisis stems back to a landmark judgement from the U.K.'s Court of Appeal in late October, when the court ruled it was unlawful for car dealers to receive bonuses from banks providing motor finance — without getting the customer's informed consent. It has prompted comparisons to Britain's payment protection insurance (PPI) scandal, which was estimated to have cost banks more than £50 billion ($63.8 billion). Britain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The burgeoning crisis stems back to a landmark judgement from the U.K.'s Court of Appeal in late October, when the court ruled it was unlawful for car dealers to receive bonuses from banks providing motor finance — without getting the customer's informed consent. The decision caught many in the motor finance industry off guard and appears to have paved the way for a multi-billion-pound redress scheme t
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SAN
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- 10/30/24 - Miss
SAN
Sec Filings
- 12/19/24 - Form 6-K
- 12/13/24 - Form SBSE-A/A
- 12/11/24 - Form 6-K
- SAN's page on the SEC website