Last mentioned: Mar 17, 2026
Mass Layoffs Announced
Close Brothers confirms plans to cut nearly a quarter of its workforce to preserve capital.
Landmark Court Ruling
The Court of Appeal rules in favor of consumers, stating commissions must be fully disclosed and consented to.
FCA Review Launched
The FCA announces a formal review into historical motor finance commission arrangements.
FCA Commission Ban
The Financial Conduct Authority bans Discretionary Commission Arrangements (DCAs) in motor finance.
Close Brothers has announced plans to reduce its workforce by nearly 25% as it grapples with the financial and operational aftermath of the UK car finance commission scandal. The move follows a landmark Court of Appeal ruling that has significantly increased potential liabilities for lenders involved in non-disclosed commission arrangements.