Law firm and CMCs target Close Brothers amid FCA car finance probe

As Close Brothers continues to prepare for a huge compensation payout over motor finance claims amid an FCA review, Citywire Wealth Manager can reveal that one law firm has acted for 231 claimants against the group in the past 18 months.

Last week, Close predicted it would have to pay out a sum in the ‘single-digit millions’ as a result of its voluntary review, which is separate from the FCA’s investigation, for which a £400m buffer has been set aside.

Craig Cooper, managing director at Barings Law, said: ‘Since November 2022, we have bought claims against Close Brothers on behalf of 231 claimants, with a total of over 800 of their customers now signed up. This highlights the widespread impact of the issues at hand.’