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Santander warns car finance redress scheme a threat to UK jobs, growth and economy
Santander UK postponed Q3 results amid unclear FCA motor finance redress scheme affecting provisions; FCA estimates payouts average £700 across 14 million unfair deals.
- On Wednesday, Santander UK delayed publishing its third-quarter results while it assesses regulator proposals, saying it will not publish the figures as planned and gave no new release date.
- The FCA published proposals earlier this month that put up to around 14 million deals at issue, while Santander UK had already set aside 295 million amid uncertainty over the redress scheme.
- Santander UK chief executive Mike Regnier urged the UK Government to consider changes to the proposed scheme, warning it risks jobs, the car finance market and the supply of credit.
- Santander said even in a `severe downside scenario` it does not expect a material adverse impact on its capital or liquidity, while the group reported a 3.5 billion quarterly profit and Santander UK shares rose 0.5%.
- Executive Chair Ana Botin said Santander Group is on track to meet its 2025 targets and will provide more information at its fourth-quarter update scheduled in February.
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Santander UK Skips Results on Uncertainty Over Car Loan Redress
Santander UK decided not to publish its scheduled third-quarter results as it waits for clarity on a compensation plan proposed by the Financial Conduct Authority for customers who were missold car loans by some of the country’s biggest auto lenders.
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Santander warns car finance redress scheme a threat to UK jobs, growth
High street bank Santander has launched a scathing criticism of the car finance compensation scheme and delayed the release of its financial results “in light of uncertainties” it has caused. The Spanish-owned lender called for government intervention – warning it sees the scheme as posing a wider threat to the economy, jobs and consumers. Money blog: Tesco increases price of carrier bag The scheme was set up by financial regulator, the Financia…
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Total News Sources12
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
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