# Close Brothers

Type: Company (CBG.L)

Source: Legal & RegTech Intelligence Brief — https://getlegalbrief.com/entity/close-brothers
Canonical HTML page: https://getlegalbrief.com/entity/close-brothers

## Timeline

- **2026-03-17**: Mass Layoffs Announced — Close Brothers confirms plans to cut nearly a quarter of its workforce to preserve capital.
- **2024-10-25**: Landmark Court Ruling — The Court of Appeal rules in favor of consumers, stating commissions must be fully disclosed and consented to.
- **2024-01-11**: FCA Review Launched — The FCA announces a formal review into historical motor finance commission arrangements.
- **2021-01-28**: FCA Commission Ban — The Financial Conduct Authority bans Discretionary Commission Arrangements (DCAs) in motor finance.

## Recent coverage (1 stories)

### Close Brothers to Cut 25% of Staff Amid Motor Finance Legal Fallout
2026-03-17 09:02:39 · Sentiment: Bearish · Impact: 6/10 · Sources: 7

Close Brothers has announced plans to reduce its workforce by nearly 25% as it grapples with the financial and operational aftermath of the UK car finance commission scandal. The move follows a landmark Court of Appeal ruling that has significantly increased potential liabilities for lenders involved in non-disclosed commission arrangements.
Full story: https://getlegalbrief.com/story/close-brothers-layoffs-motor-finance-scandal

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