Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
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FangKat......."I thought I saw on a lewis site that he was not yapping billions anymore, and that overall the figure was 2 to 230 million - for ALL banks etc concerned. Might have seen it wrong, late at night and whiskey etc."
That is right, Martin Lewis had an update on the moneysavingexpert.com on Tuesday which read:
""Martin: "Last Tuesday, we launched our brand new Car finance hidden commission reclaiming guide & tool and... wow! In just seven days you've sent over 530,000 complaint emails via it. The regulator, the Financial Conduct Authority (FCA), estimates 40% of finance agreements had these dodgy commission arrangements (you won't know if you did as it was hidden) and the average payout per arrangement may be £1,100. So that potentially equates to up to £234 million coming back to people."
It seems he is scaling back from his initial claim that it could be as big as PPI? But that figure of £234 million he has said above is relating to a number of 530,000 complaints so far received. It would be difficult to estimate what the total number of complaints will eventually be, but to put some perspective on it, if 5,000,000 complaints are eventually received it would cost the sector (all banks concerned) £2.207 billion. If 10,000,000 complaints are eventually received, it would cost the sector £4.4 billion. But this is still a lot less than PPI scale he was shouting about initially? Go to the link below and click on the "UPDATE: car finance reclaim complaints" tab on the left hand side of the page.
https://www.moneysavingexpert.com/latesttip/?#carfinance
Suppose it's worth saying they should the FCA not come up with anything expensive for CBG in September, then CBG will have a fair bit of cash to hand out to shareholders if they so wish.
I'm in !!!
I'll review in 12 months. Bargain
Buy, this is a storm in a teacup, I think this is an awesome opportunity to carpet bag the hell out of the share...
Average of 350, going in the bottom drawer.
Bad news for LTH
Shrood. certainly shrooder than horis lol
Comparing to Amgo is a bit much company far more diversified and in a much stronger position imo. Still not without risk but if picking up between 250-300p I think could be very profitable longterm. DYOR
Full copy of text on AMGO from FAC website so someone interested in reading , There are more to learn from.
https://www.fca.org.uk/publication/final-notices/amigo-loans-ltd-2023.pdf
This company has so much like Amigo loans in the making! been,seen & burnt badly once - wish all the best to long time holders
Its worth noting that car loans are vulnerable to distress risk from a weak economy.
The US is already seeing a rise in defaults, although I appreciate CBG do not operate there, but the first thing to be given up in a more serious recession will be flashy cars. With inflation remaining higher, will interest rates fall and will consumers carry on spending like the last 20 years?
Yes I have said that Amigo have market CAP over billion but the same with situation as CBG now .When someone sign some thing to borrowed money they just do it for their enjoyment at that time then they will try all the way to claim it back as they didnot care so in the end lender get the hit.
Uncertain put a brake on any development of company in the futures and investors withhold their money too. It will going throught very bad long term effects on its share price.
It’s pretty obvious horris was trying to get people to buy to help his own position. He was saying £5 just 3 days ago.
Sorry this has fallen so far for the holders and recent value seekers
I thought I saw on a lewis site that he was not yapping billions anymore, and that overall the figure was 2 to 230 million - for ALL banks etc concerned. Might have seen it wrong, late at night and whiskey etc.
That guess 200 million fine is reference not really come as they only pay back different interest at that time they charge for customers. Wholeast year they only income 112 million if they must pay 200 millions so it will be disapper on market .
Nobody sure what will happen yes as that why share down 70% maybe it good to buy now and hold it next year .
T cautioned on a "potential financial impact" stemming from the UK Financial Conduct Authority's probe of historical motor finance commission arrangements. As a result CBG has said it is axing its dividend.
*************** Outside of this it says business "continues to perform well". It says its banking arm is enjoying "strong margins and a stable credit performance" with the division generating £112mln worth of adjusted operating profit in the six months to January 31,
********************up markedly from GBP15.0 million a year ago and Close Brothers Asset Management delivered strong annualised net inflows of 9%.
Close Brothers Group, a financial company, is seeing a big drop in the value of its stock because it's being investigated by a regulatory authority, the Financial Conduct Authority (FCA). The investigation is focused on the company's involvement in motor finance and whether it charged customers too much for loans. If the FCA finds evidence of wrongdoing, the affected customers will be compensated. Over 10,000 people have already complained about being overcharged, and more complaints could come in the future.
Because of this investigation, Close Brothers has decided not to pay dividends to its shareholders this year. The company's stock has been going down since January and may reach its lowest point in over 20 years. In fact, the stock has already fallen by 18% in the current trading session.
The Financial Conduct Authority
Despite these problems, Close Brothers is still doing well in other parts of its business. Its banking arm is making good profits and has seen stable credit performance. The asset management division is also doing well and has gained new customers. But the focus is on the investigation, which has caused the stock to decline. Close Brothers needs to address the FCA's concerns and fully cooperate with the investigation to regain the trust of investors and stabilize its stock.
Agree with that Sir-Short, wondering what is going on somewhere, maybe even with the lewis overhead do you think someone is looking to buy them out on the cheap?
From the FT Analysts at Royal Bank of Canada estimate that Close Brothers will be hit with a £200mn redress bill.
@Paulwood, you certainly saw the action. will keep an eye on you moving forward to see opportunities.
This will settle down and the whole fiasco with the FSA will be a damp squib and probably watered down. The BoD view is that this is not requiring a provision in the accounts suggested an abudance of prudence.
Sad for those coming down from £10 a share however value investors will be all over this soon be it at £3 - £2.50 or lower The 70p dividend will be missed but it will be reassessed once the review is known.
Adding here to average in, thankful that I dodged going all in a few weeks back at £5/£6.
Underwater is expected short term but like all will float to the top.
GLA
Interesting that all other lenders have shrugged this off.
Is this just an opportunity to buy very cheap shares? Almost planned?
@HorrisM below was your response to me less than 24 hours ago. Well done, you're an idiot, I tried to warn you the tape was show a larger drop to come.
14 Feb 2024 16:48
Are you bothering to read the tape? the shares are being bundle bought, and the sells have dried up.
this is now sideways action until a big buy is placed then it would jump 15%
The cases already brought up were thrown out by the courts.
This is just the FCA re-opening the investigation as a new review.
The whole thing is complete BS, the end users signed contracts and knew what they were getting into.
Size of potential fine??
Bought same again 300p better to wait for bottom and buy on way up ?
Places to go hindsight at close well tell .