Santander UK makes £295m provision for motor finance claims
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Banco Santander's UK division has set aside £295 million for potential compensation claims related to motor finance commissions. This follows a Court of Appeal ruling that motor dealers, acting as credit brokers, failed to disclose commissions on car loan sales.
November 20, 2024 | 8:30 am
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Banco Santander's UK division has provisioned £295 million for potential compensation claims due to a legal ruling on undisclosed motor finance commissions.
The provision of £295 million indicates a significant financial impact on Santander's UK operations due to legal issues. This could lead to short-term negative sentiment around the stock as investors assess the financial and reputational implications.
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