Close Brothers
Close Brothers has set aside £165 million to cover compensation linked to car finance mis-selling. The bank has also suspended its dividend and announced plans to raise £400 million to strengthen its balance sheet. If you took out a PCP agreement with Close Brothers, you may be entitled to compensation if the finance was not sold transparently or created an unfair relationship.
BACKGROUND
In October 2024, the UK Court of Appeal ruled in Hopcraft v Close Brothers that failing to disclose commission paid to brokers amounted to an unlawful breach of fiduciary duty.
The court found that customers were not given enough information to provide informed consent about broker commission. As a result, some Close Brothers car finance agreements may now be considered unfair.
Close Brothers has appealed the ruling to the UK Supreme Court, with a hearing scheduled for April 2025. The outcome may influence how compensation claims are handled across the industry.
WHAT WE COVER
We help customers reclaim money from car finance agreements that may have been mis-sold or unfairly structured.
HIDDEN CHARGES
Some car finance agreements included charges or commission that were not clearly explained at the point of sale. This may involve broker commission or costs built into the agreement without transparency.
Where key charges were not disclosed, customers may be entitled to claim compensation.
EXCESSIVE INTEREST RATES
In some cases, brokers were allowed to increase interest rates to earn higher commission. This resulted in customers paying more than necessary over the term of their agreement.
If your interest rate was higher than expected or poorly explained, your agreement may be eligible for review.
Mis-sold agreements
An agreement may be considered mis-sold if important information was missing, unclear or misleading when you signed.
Our process is designed to be straightforward and efficient, helping clients pursue claims with minimal disruption.
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