Close Brothers Group (GB:CBG) has released an update.
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Close Brothers Group faces potential financial implications after the Court of Appeal ruled against Close Brothers Limited in the “Hopcraft” case, prompting the company to appeal to the UK Supreme Court. The judgment raises the standards for commission disclosure by motor dealers, which could lead to significant liabilities if similar claims arise. Despite the uncertainty, Close Brothers maintains a strong financial position and is pausing new UK motor finance business to ensure compliance with the new requirements.
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