Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FTSE 250 movers: Close Brothers tumbles; Burberry in fashion
(Sharecast News) - London's FTSE 250 was up 0.3% at 20,843.92 in afternoon trade on Friday. Close Brothers was the standout loser after the Court of Appeal ruled in favour of British consumers that motor dealers acting as credit brokers owe a fiduciary duty to their customers.
Close Brothers said in a statement that it plans to appeal the decision and that it will be temporarily pausing the writing of new UK motor finance business "while we review and implement any relevant changes to our documentation and processes to ensure compliance with these new requirements".
Hopcraft's case was against Close Brothers, while Johnson's was against Firstrand Bank and Motonovo Finance. Wrench's case was against Firstrand.
The Court of Appeal said: "The dealers were the sellers of the cars, but they were also acting as credit brokers on behalf of the claimants. In the latter role, their task was to search for and offer the customer a finance deal from their panel of lenders which was suitable for their needs and competitive.
"In some cases they undertook to find the best deal or the one which was most suitable for the customer."
Close Brothers said it "disagrees with the Court's extension of the existing case law in this area and intends to appeal this decision to the UK Supreme Court".
It said the financial impact of the Hopcraft case in isolation was not material to the group.
"However, subject to the appeal to the UK Supreme Court, the judgment may set a precedent for similar claims, which may (depending on the specific facts of those cases) result in significant liabilities for the group."
On the upside, luxury fashion brand Burberry was among the top gainers.
FTSE 250 - Risers
Bloomsbury Publishing (BMY) 760.00p 11.44% Softcat (SCT) 1,695.00p 10.64% Burberry Group (BRBY) 773.80p 8.68% Indivior (INDV) 695.50p 6.43% Watches of Switzerland Group (WOSG) 453.40p 4.61% Kainos Group (KNOS) 827.00p 3.89% Trustpilot Group (TRST) 246.00p 3.80% IP Group (IPO) 47.25p 3.62% CMC Markets (CMCX) 327.50p 3.48% Harbour Energy (HBR) 276.40p 2.98%
FTSE 250 - Fallers
Close Brothers Group (CBG) 314.20p -14.76% Abrdn (ABDN) 141.35p -13.78% Travis Perkins (TPK) 876.00p -4.99% Inchcape (INCH) 724.50p -4.98% Pennon Group (PNN) 564.00p -4.89% Wetherspoon (J.D.) (JDW) 674.00p -4.46% Jupiter Fund Management (JUP) 80.20p -4.07% Kier Group (KIE) 143.60p -3.88% PureTech Health (PRTC) 150.80p -3.70% Chemring Group (CHG) 358.00p -3.24%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
