Close Brothers Strongly Disagrees With Viceroy Short Report

Close Brothers Group Plc “strongly disagrees” with a report by short-seller Viceroy Research about the amount it’s set aside for motor finance compensation.

The London-listed firm’s shares plunged as much as 18.8% on Monday after Viceroy argued that it could have to double its provisions. Close Brothers previously set aside £300 million ($399 million) to compensate customers who were sold car loans with interest rates pegged to discretionary commissions.