A11 closed in Norfolk after crash between six cars and lorry
Travel monitoring site INRIX reported the vehicles involved were six cars and a lorry.Drivers have been advised by National Highways to delay any planned journey or avoid the area.
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Daily Mail
an hour ago
- Daily Mail
Bank shares surge after Supreme Court slashes car loan compensation payouts
Shares in banks climbed yesterday as investors breathed a sigh of relief after lenders were let off the hook for car finance compensation. The City watchdog estimated that the scandal will cost between £9billion and £18billion – much lower than the previously forecasted £44billion – after the Supreme Court ruled on Friday that lenders would not be liable for most of the payouts. Lloyds was the biggest FTSE 100 beneficiary – rocketing 9 per cent, or 6.82p, to a ten-year high of 82.56p. Shares in Close Brothers, one of the lenders most exposed to the scandal, soared 23.5 per cent, or 93.6p, to 491.4p. The 147-year-old company, which had set aside £165million for potential payouts, had seen its shares fall by around 15 per cent over the last 12 months ahead of the ruling. Shares in Barclays, which was less exposed than many of its rivals, rose 1.6 per cent, or 5.8p, to 362.45p. The FCA estimated the car finance scandal will cost between £9bn and £18bn after the Supreme Court ruled lenders would not be liable for most of the payouts And car finance specialist S&U climbed 9.2 per cent, or 160p, to 1900p. The company said that the Supreme Court ruling was a 'victory for common sense'. Chairman Anthony Coombs said: 'It will significantly boost confidence throughout the motor finance industry and benefit lenders and consumers in attracting investment and increasing competition.' The UK's highest court last week dismissed a judgment that had found 'secret' car loan commission payments between lenders and dealers were unlawful. That dispelled fears that motor finance mis-selling would be the most expensive consumer banking scandal since the payment protection insurance scandal in the 2000s. But the court did rule that in certain circumstances, the failure to properly disclose commission arrangements could be unfair and therefore unlawful. The Financial Conduct Authority (FCA) said on Sunday it would consult on a compensation regime, estimating that customers eligible for a payout were likely to get less than £950 each. Yesterday, Lloyds said: 'After initial assessment of the Supreme Court judgment, and pending resolution of the outstanding uncertainties, in particular the FCA redress scheme, the group currently believes that if there is any change to the provision it is unlikely to be material in the context of the group.' The banking giant, which owns motor finance provider Black Horse, had ring-fenced £1.2billion for potential compensation. In a statement, Close Brothers said: 'We look forward to engaging with the FCA in respect of the consultation.' Experts said that while the ruling had cleared up some uncertainty, there were still questions about the finer details of the FCA compensation scheme. Hyder Jumabhoy, a partner at law firm White & Case, said: 'Investors are comforted that a path through the uncertainty has emerged.' But he added it was 'by no means the end of the story and the FCA's statement could still have significant implications'. He also said that there could be a knock-on effect as the money set aside could now be used for other things including takeover bids. 'We expect this move to accelerate M&A activity due to some lenders having decreased risk appetite but also because of unused provision amounts becoming available for acquisitions,' Jumabhoy said. 'It could also prompt some car manufacturers to enter the UK motor finance market to steady the supply of finance to buyers of new vehicles.' Redress plans are 'completely impractical' The car finance industry has warned that a planned compensation scheme for unfair loans is 'completely impractical'. Stephen Haddrill, the director general of the Finance and Leasing Association, said that he has 'major concerns' after the City watchdog said it will consult on compensation from October, with payouts starting next year. The Supreme Court ruled last week that lenders were not liable for most complaints. But some consumers may get a payout if their relationship with the broker is deemed 'unfair'. Haddrill said: 'I've got a couple of quite major concerns.' The proposal has not 'come up with a solution of how you look at a whole range of factors' to decide if the lending was unfair. He said it was 'completely impractical' for redress to be open to loans dating back to 2007. 'It's not just firms that don't have the details about contracts, customers don't either,' he said. It came as the Financial Conduct Authority said consumers stand to lose up to 30pc of compensation if they sign up with claims managers, who take a portion of any money received. 'If we put a scheme in place it will be free,' FCA chief executive Nikhil Rathi said. It has already acted against 225 adverts over 'exaggerated claims', he said.
Daily Mail
an hour ago
- Daily Mail
Jaguar replaces 'woke' chief: Tata CFO PB Balaji to take over in November after rebrand backfires
Jaguar Land Rover (JLR) has appointed a new boss less than a week after its previous chief executive announced plans to retire following a 'woke' rebrand. The British carmaker said PB Balaji, chief financial officer of parent company Tata Motors, will take over in November. He will replace Adrian Mardell, who last week said he would leave after just over two years. The exit follows a contentious rebrand last year which saw JLR axe its 'growler' badge and unveil an advert featuring diverse models – but no cars. The decision prompted a barrage of criticism, including from US president Donald Trump, who said JLR was 'in absolute turmoil' and branded its rebrand 'stupid, and seriously woke'. 'Who wants to buy a Jaguar after looking at that disgraceful ad,' Trump wrote on Truth Social.
The Sun
2 hours ago
- The Sun
Banks see share prices rocket after being saved from paying out billions in car finance scandal
BANKS saw rocketing share prices yesterday after being saved from paying out tens of billions of pounds in the car finance scandal. Lloyds saw a jump after the Supreme Court removed the threat of £44billion industry pay-outs. Shares at the banking group rose eight per cent while Close Brothers soared by as much as 34 per cent at one stage after the Friday ruling. Barclays saw a jump of two per cent. Around 14 million drivers could still be entitled to pay worth up to £18billion but only for large commissions seen as unfair, going back to 2007. The case focuses on commissions paid by the lenders to car dealers with some higher interest rates which were not then properly relayed to buyers. But judges found dealers did not owe a 'fiduciary duty' of loyalty to customers. There is now concern over the fact firms might have to keep records from decades ago. John Phillipou of the Finance & Leasing Association said: 'I don't think it's good for investability that the reason for keeping the data is that you might get sued in 15 years time.' Chancellor Rachel Reeves was said to be ready to intervene if the bill hit £44billion — due to the damage it could do to the UK as a place of business. A compensation scheme will be consulted on in October. Drivers are set to see pay-outs of less than £950 from as early as next year, the Financial Conduct Authority said. eBay payment shake-up, Lloyds Bank sets aside £1.2billion for car finance payouts and little-known benefit Lloyds had put aside more than £1billion for the fall-out but said any change is 'unlikely to be material' for the group. 1
