Connect with us

International

UK's Santander delays results as it considers landmark car lending ruling | Banco Santander

UK's Santander delays results as it considers landmark car lending ruling | Banco Santander

 


Santander UK delayed publishing its third-quarter results at the last minute as it rushed to review last week's landmark court ruling on bad sales of car finance that some analysts say could cost lenders $1.1 billion in losses. .

The bank, along with its Spanish parent Banco Santander, were due to release their latest quarterly earnings report on Tuesday morning. But the UK branch announced on Monday evening that it was withholding the report while it reviewed Friday's appeal court ruling on the payment of fees on car loans.

The ruling, which said it was unlawful for lenders to pay commissions to car dealers without the borrowers' knowledge, could have implications for the Financial Conduct Authority's ongoing investigation and could ultimately lead to lenders such as Santander paying customers billions of pounds. They may force you to pay compensation.

It is not practical to reliably estimate the extent of the potential financial impact at this time, the bank said. However, Santander UK Group Holdings plc is taking its time to consider its judgment and potential exposure to Santander UK Group.

Analysts at RBC Capital believe it could ultimately cost Santander as much as $1.1 billion. Benjamin Toms, equity analyst at RBC, said it was our understanding that the bank would need additional time to make legal comments on the matter alongside its third-quarter results or risk being shut out of the money markets.

Santander is one of three large banks that could be forced to make payments if the FCA decides to implement a customer compensation scheme. Lloyds, which has the largest exposure, has already set aside $450 million in potential dividends, but some analysts suggest that figure could be as high as $1.5 billion. Lloyds said on Monday it was assessing the potential impact and wider implications of the decision. The ruling could cost Barclays $357 million.

Santander said the Court of Appeal ruling, which ruled against specialist lenders FirstRand and Close Brothers, set a high bar for disclosing fee arrangements and ensuring customers can consent to loans. The British government said it believed the ruling went beyond what was necessary under British regulations.

FirstRand and Close Brothers plan to appeal the decision.

Skip past newsletter promotions

Join our business today

Get ready for your work day. All the business news and analysis you need every morning.

Privacy Policy: Our newsletter may contain information about charities, online advertising and externally funded content. Please see our privacy policy for more details. We use Google reCaptcha to secure our website, which is subject to the Google Privacy Policy and Terms of Service.

Santander UK Group Holdings plc disagrees with the court's conclusions and said the decision could set a precedent for similar claims, but both defendant companies have said publicly that they will appeal the decision to the UK Supreme Court.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/business/2024/oct/29/santander-uk-delays-results-car-loan-ruling-bank

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]