Company’s shares plunge as it estimates total costs of £200m this year from motor finance scandal

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Close Brothers, one of the UK’s biggest providers of car loans, has slumped to a £103m loss as it deals with the fallout of the motor finance commission scandal, which it estimates will cost it a total of £200m this year.

The lender also scrapped its dividend again. Its shares plunged by 17% on the news.