Close Brothers Finance ....is it a scam Average Payout £5,300??

Mustbeananswer??

Apparently they can pursue a claim if they didnt mention their commission in the deal.Anyone had anyy luck with this.....NO....didnt think so!!! 

Nasqueron

Mustbeananswer?? said:

Apparently they can pursue a claim if they didnt mention their commission in the deal.Anyone had anyy luck with this.....NO....didnt think so!!! 

There is no requirement to declare commission on a deal, thus there cannot be an average payout as this is perfectly fine so the average is £0

In terms of the DCA setup - no-one has been paid since the FCA started their investigation so again, they cannot have an average payout as there is no guarantee the FCA will even say there is miss-selling. You could always use the MSE template if you really want to put in a complaint but nothing will happen until after September and at least that way you don't have to give any refund to a claims firm

Mustbeananswer??

Nasqueron said:

Mustbeananswer?? said:

Apparently they can pursue a claim if they didnt mention their commission in the deal.Anyone had anyy luck with this.....NO....didnt think so!!! 

There is no requirement to declare commission on a deal, thus there cannot be an average payout as this is perfectly fine so the average is £0

In terms of the DCA setup - no-one has been paid since the FCA started their investigation so again, they cannot have an average payout as there is no guarantee the FCA will even say there is miss-selling. You could always use the MSE template if you really want to put in a complaint but nothing will happen until after September and at least that way you don't have to give any refund to a claims firm

Thanks for clearing that up ??!! 

[Deleted User]

If they’ve won some claims in court and achieved more than just the commission as quantum then it could be possible. Close Brothers are clearly running a bit scared given their actions with shareholder dividends, the average does seem high b... Oh wait, you don’t actually want an answer, your question was a scam. 

dunstonh

[Deleted User] said:

If they’ve won some claims in court and achieved more than just the commission as quantum then it could be possible. Close Brothers are clearly running a bit scared given their actions with shareholder dividends, the average does seem high b... Oh wait, you don’t actually want an answer, your question was a scam. 

What you say is "running a bit scared" is wrong.   It is an FCA requirement that where there is potential redress, firms should put that amount to one side and shouldn't distribute it.

[Deleted User]

Putting money aside / ring fencing to make it available if needed is one thing, not paying your shareholders any dividends for a year and future dividends being on indefinite review is more drastic for any business. I interpret it as running scared, perhaps with something to hide. Too much DiC? Why was that acronym dropped for DCA? 🤣 So much potential toilet humour wasted.