The City bank said it was of "paramount importance" to get ready for the outcome of Financial Conduct Authority's scrutiny into the scandal.
The regulator is looking into a wave of complaints that borrowers were sold more expensive loans instead of cheaper ones they could have qualified for, because of the way the industry offered salespeople more commission on higher interest rates. Close Brothers had already cancelled its dividend, piling pressure on its shares last month, which are down by over 50% since the probe was announced.
This story is from the March 19, 2024 edition of Evening Standard.
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This story is from the March 19, 2024 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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