Latest news with #SupremeCourtRuling
Sky News
6 days ago
- Automotive
- Sky News
Motor finance operators can breathe big sigh of relief
Bank stocks have enjoyed a boost as traders digest the Supreme Court's ruling on the car finance scandal. Some of the country's most exposed lenders, including Lloyds and Close Brothers, saw their share prices jump by 7.55% and 21.62% respectively. It came after the court delivered a reprieve from a possible £44bn compensation bill. Banks will still most likely have to fork out over discretionary commissions - a type of commission for dealers that was linked to how high an interest rate they could get from customers. The FCA, which banned the practice in 2021, is currently consulting on a redress scheme but the final bill is unlikely to exceed £18bn. Overall, the result has been better than expected for the banks. 1:12 Lloyds, which owns the country's largest car finance provider Black Horse, had set a aside £1.2bn to cover compensation payouts. Following the judgment, the bank said it "currently believes that if there is any change to the provision, it is unlikely to be material in the context of the group." 0:58 The judgment released some of the anxiety that has been weighing over the Bank's share price. Jonathan Pierce, banking analyst at Jefferies, said the FCA's prediction was "consistent with our estimates, and most importantly, we think it largely de-risks Lloyds' shares from the 'motor issue'". Bank stocks have responded robustly to each twist and turn in this tale, sinking after the Court of Appeal turned against them and jumping (as much as 8% in the case of Close Brothers) when the Supreme Court allowed the appeal hearing. Concerns about this volatility motivated the Supreme Court to deliver its judgment late in the afternoon so that traders would have time to absorb the news.
Daily Mail
6 days ago
- Automotive
- Daily Mail
Car finance shares soar after mis-selling ruling - but analysts warn of compensation shortfall
Motor finance lenders and their investors breathed a 'small sigh of relief' on Monday morning after a landmark Supreme Court ruling left them facing a much smaller compensation bill than initially feared. On Friday, the Supreme Court delivered a blow to car buyers after it sided with major lenders in the car finance scandal. Had the decision gone the other way, it could have led to £44billion of payouts dubbed 'PPI on wheels'. However, the Financial Conduct Authority announced it will consult on an industry-wide redress scheme that could begin paying out from next year. While the latest estimates are below forecasts as high as £40billion prior to the ruling, analysts have warned cash set aside by lenders so far falls well short of their potential liabilities. And the market's biggest lenders – Lloyds, Barclays and Close Brothers – look set to shoulder the largest burden. The Financial Conduct Authority said on Monday it would consult with the motor finance industry over a redress scheme for motorists claiming to have been overcharged, estimating the total bill could hit between £9billion and £18billion. Analysts at RBC have estimated the cost to come in at £11.5billion. But that would leave the sector facing an enormous shortfall, having set aside a combined total of just £2billion for compensation, according to Shore Capital Markets. FTSE 100 Lloyds shares jumped 5.9 per cent to 80.22p in early trading, while Close Brothers - over which the scandal has weighed most heavily - soared 23 per cent to 489.4p. Barclays, which has relatively little exposure to the scandal, was up 1.7 per cent at 362.6p. Among smaller London-listed rivals Secure Trust Bank was up 19 per cent to 1,160p, while Vanquis Banking Group was up 5.4 per cent and Paragon Banking Group was up 2.2 per cent. Setting out the parameters of its consultation on potential compensation, the FCA said it wants to ensure any redress scheme would be 'fair to consumers who have lost out' but 'ensure the integrity of the motor finance market, so it works well for future consumers'. This means the cumulative size of redress cannot be allowed to break the market. The regulator is expected to detail its proposed consultation by early October, ahead of a six-week consultation period before a redress scheme is finalised. Payments to customers are therefore likely to begin next year, with the FCA indicating most individuals will receive less than £950 in compensation – compared to typical payments of £1,000 to £2,000 after the PPI scandal. Shore Capital research analyst Gary Greenwood wrote in a note on Monday: 'The Supreme Court's judgement will allow the motor finance industry and its investors to breathe a partial sigh of relief, given the worst-case scenario is off the table.' He said some smaller lenders should be relatively insulated as they have 'limited exposure to motor dealers, have historically focused on relatively simple commission agreements…and have correctly followed regulatory guidelines on commission disclosure'. However, Lloyds, Barclays and Close Brothers could face a much heavier burden. Greenwood said: 'The larger lenders with more complicated commission agreements… and/or those that have failed to follow the regulatory rules on disclosure, may still be exposed to sizeable remediation costs, albeit to a much lesser extent than if all three judgements had been upheld. '[Lloyds, Close Brothers and Barclays] may still need to set aside further provisions, albeit to a lesser extent than would have been the case if the Supreme Court had upheld all three of the Court of Appeal's judgements. 'However, what is unclear to us is what proportion of the industry liability may ultimately rest outside of the UK banking industry and with the finance arms of the major motor manufacturers, who presumably represent a large part of the motor finance industry but have to date set aside very little by way of provision. 'Could it be that they will be responsible for picking up the largest part of the industry provisioning shortfall?' Lloyds told investors on Monday it would keep its £1.2billion provision for motor finance claims under review. It said: 'The ultimate impact on the Group will be determined by a number of factors still to be resolved, in particular the outcome of the FCA consultation and any further interventions as well as any broader implications of the judgment, including legal proceedings and complaints. 'After initial assessment of the Supreme Court judgment, and pending resolution of the outstanding uncertainties, in particular the FCA redress scheme, the group currently believes that if there is any change to the provision it is unlikely to be material in the context of the group.' Close Brothers, which had previously set aside £165million, also provided no update to its provision and said it looked forward to engaging with the FCA on its consultation. Barclays, which set aside £90million for redress in its financial results for 2024, has yet to comment. Stephen Haddrill, director general of the Finance & Leasing Association, said in a statement: 'We have concerns about whether it is possible to have a fair redress scheme that goes back to 2007 when firms have not been required to hold such dated information, and the evidence base will be patchy at best.
Telegraph
27-07-2025
- Politics
- Telegraph
We must arm ourselves, say trans activists
Trans activists have called for their community to be 'armed' after a Supreme Court ruling barred biological men from women-only spaces. A protester on the London Trans+ Pride march on Saturday carried placards reading: 'DIY or Die. Trans emancipation. Not rainbow capitalism. Arm trans people.' Another sign read: 'B---- trolls from hell,' with pictures of JK Rowling and the bosses of For Women Scotland, who won the Supreme Court case against the Scottish Government on gender in April. Saturday's march to Parliament Square Gardens was the biggest annual trans protest in the UK, with about 100,000 people in attendance, according to organisers. The ruling from the Supreme Court redefined 'biological sex' in a way that enables the exclusion of trans women from single-sex spaces and services. Organisers said this year's message was centred around the theme of 'existence and resistance'. Its key demands included an outright ban on conversion therapy, fully funded gender-affirming healthcare and a legal acknowledgement for non-binary people. Helen Joyce, the director of advocacy for human rights charity Sex Matters, which campaigns for clarity about biological sex in law and life, said the signs revealed the 'central hatred of women is to trans activism'. She said: 'The reason this movement treats JK Rowling and the grassroots campaigners of For Women Scotland as enemies is simply that they dare to say no to men who want to transgress women's boundaries. 'One side in this debate stands up for everyone's rights to safety, dignity, and privacy in single sex spaces. 'The other calls for violence against women. It shouldn't be hard for politicians and public figures to decide which side they are on.' Susan Hall, the leader of the Conservatives in the London Assembly, said: 'If trans activists are claiming that they should be armed and are calling JK Rowling (a wonderful woman) and women activists to b-----s in hell then they can't be surprised when people don't take them seriously and in fact are repelled by their odious stand.' Trans activists have called on Sir Keir to back transgender rights after Sir Sadiq Khan supported the march. The Mayor of London wrote on X: 'Today, our capital proudly marks seven years of London Trans+ Pride. 'As trans rights come under increasing pressure across the UK, this year's march is a vital reminder: London is a city that stands for equality, dignity and pride - for everyone.' The Prime Minister signed up to a pledge 'that trans women are women' when he was a Labour leadership candidate, but appeared to change his position following the Supreme Court ruling. 'The Supreme Court judgment has made clear that when looking at the Equality Act, a woman is a biological woman,' his spokesman said in April. 'Lost, scared and angry' Vicky Lee, the director and founder of the Way Out Club, said: 'Over the last 32 years, I have been a Labour Party member and a diversity advisor for the Metropolitan and City of London Police. 'I was proud of where we were under Tony Blair with LGBT liaison officers in every London borough, anti-trans hate policies, Trans inclusivity, and trans rights. 'Keir Starmer, I can tell you now, under your watch, we have lost 15 years of progress. 'Trans people are now lost, scared and angry. Trans Pride on Saturday is a celebration, but this year it will also be a protest. 'Please listen to the community of unique trans people. We are also nurses, doctors, scientists, lawyers, soldiers, and voters.' Lewis G Burton, one of the founding members of London Trans+ Pride, said: 'This year's London Trans+ Pride made history once again, with over 100,000 trans+ people and allies marching through central London – smashing our own world record of 60,000 and continuing our legacy as the biggest trans+ pride event in history. 'It was an emotional and powerful day. 'At a time when the Supreme Court is making sweeping decisions about trans people without consulting a single trans person or organisation, and when a small, well-funded lobby of anti-trans campaigners continues to dominate headlines and waste public resources, our community came together to show what real strength, solidarity and care looks like. 'The message was clear: we will not be erased. Our existence is natural, historic, and enduring. 'You can try to take away our rights, but you will never remove us from society. We are a part of humanity – and the public will not stand by while harm is done to our community.'
Yahoo
24-07-2025
- Politics
- Yahoo
Most US adults still support legal abortion 3 years after Roe was overturned, an AP-NORC poll finds
AP Poll Abortion Three years after the Supreme Court opened the door to state abortion bans, most U.S. adults continue to say abortion should be legal — views that look similar to before the landmark ruling. The new findings from The Associated Press-NORC Center for Public Affairs Research poll show that about two-thirds of U.S. adults think abortion should be legal in all or most cases. About half believe abortion should be available in their state if someone does not want to be pregnant for any reason. That level of support for abortion is down slightly from what an AP-NORC poll showed last year, when it seemed that support for legal abortion might be rising. Laws and opinions changed when Roe was overturned The June 2022 Supreme Court ruling that overturned Roe v. Wade and opened the door to state bans on abortion led to major policy changes. Most states have either moved to protect abortion access or restrict it. Twelve are now enforcing bans on abortion at every stage of pregnancy, and four more do so after about six weeks' gestation, which is often before women realize they're pregnant. In the aftermath of the ruling, AP-NORC polling suggested that support for legal abortion access might be increasing. Last year, an AP-NORC poll conducted in June found that 7 in 10 U.S. adults said it should be available in all or most cases, up slightly from 65% in May 2022, just before the decision that overruled the constitutional right to abortion, and 57% in June 2021. The new poll is closer to Americans' views before the Supreme Court ruled. Now, 64% of adults support legal abortion in most or all cases. More than half the adults in states with the most stringent bans are in that group. Similarly, about half now say abortion should be available in their state when someone doesn't want to continue their pregnancy for any reason — about the same as in June 2021 but down from about 6 in 10 who said that in 2024. Adults in the strictest states are just as likely as others to say abortion should be available in their state to women who want to end pregnancies for any reason. Democrats support abortion access far more than Republicans do. Support for legal abortion has dropped slightly among members of both parties since June 2024, but nearly 9 in 10 Democrats and roughly 4 in 10 Republicans say abortion should be legal in at least most instances. Fallout from state bans has influenced some people's positions — but not others Seeing what's happened in the aftermath of the ruling has strengthened the abortion rights position of Wilaysha White, a 25-year-old Ohio mom. She has some regrets about the abortion she had when she was homeless. 'I don't think you should be able to get an abortion anytime,' said White, who calls herself a 'semi-Republican.' But she said that hearing about situations — including when a Georgia woman was arrested after a miscarriage and initially charged with concealing a death — is a bigger concern. 'Seeing women being sick and life or death, they're not being put first — that's just scary,' she said. 'I'd rather have it be legal across the board than have that.' Julie Reynolds' strong anti-abortion stance has been cemented for decades and hasn't shifted since Roe was overturned. 'It's a moral issue,' said the 66-year-old Arizona woman, who works part time as a bank teller. She said her view is shaped partly by having obtained an abortion herself when she was in her 20s. 'I would not want a woman to go through that,' she said. 'I live with that every day. I took a life.' Support remains high for legal abortion in certain situations The vast majority of U.S. adults — at least 8 in 10 — continue to say their state should allow legal abortion if a fetal abnormality would prevent the child from surviving outside the womb, if the patient's health is seriously endangered by the pregnancy, or if the person became pregnant as a result of rape or incest. Consistent with AP-NORC's June 2024 poll, about 7 in 10 U.S. adults 'strongly' or 'somewhat' favor protecting access to abortions for patients who are experiencing miscarriages or other pregnancy-related emergencies. In states that have banned or restricted abortion, such medical exceptions have been sharply in focus. This is a major concern for Nicole Jones, a 32-year-old Florida resident. Jones and her husband would like to have children soon. But she said she's worried about access to abortion if there's a fetal abnormality or a condition that would threaten her life in pregnancy since they live in a state that bans most abortions after the first six weeks of gestation. 'What if we needed something?' she asked. 'We'd have to travel out of state or risk my life because of this ban.' Adults support protections for seeking abortions across state lines — but not as strongly There's less consensus on whether states that allow abortion should protect access for women who live in places with bans. Just over half support protecting a patient's right to obtain an abortion in another state and shielding those who provide abortions from fines or prison time. In both cases, relatively few adults — about 2 in 10 — oppose the measures and about 1 in 4 are neutral. More Americans also favor than oppose legal protections for doctors who prescribe and mail abortion pills to patients in states with bans. About 4 in 10 'somewhat' or 'strongly' favor those protections, and roughly 3 in 10 oppose them. Such telehealth prescriptions are a key reason that the number of abortions nationally has risen even as travel for abortion has declined slightly. ___ The AP-NORC poll of 1,437 adults was conducted July 10-14, using a sample drawn from NORC's probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.6 percentage points. ___ Follow the AP's coverage of abortion at Solve the daily Crossword
The Independent
24-07-2025
- Politics
- The Independent
Most US adults still support legal abortion 3 years after Roe was overturned, an AP-NORC poll finds
Three years after the Supreme Court opened the door to state abortion bans, most U.S. adults continue to say abortion should be legal — views that look similar to before the landmark ruling. The new findings from The Associated Press-NORC Center for Public Affairs Research poll show that about two-thirds of U.S. adults think abortion should be legal in all or most cases. About half believe abortion should be available in their state if someone does not want to be pregnant for any reason. That level of support for abortion is down slightly from what an AP-NORC poll showed last year, when it seemed that support for legal abortion might be rising. The June 2022 Supreme Court ruling that overturned Roe v. Wade and opened the door to state bans on abortion led to major policy changes. Most states have either moved to protect abortion access or restrict it. Twelve are now enforcing bans on abortion at every stage of pregnancy, and four more do so after about six weeks' gestation, which is often before women realize they're pregnant. In the aftermath of the ruling, AP-NORC polling suggested that support for legal abortion access might be increasing. Last year, an AP-NORC poll conducted in June found that 7 in 10 U.S. adults said it should be available in all or most cases, up slightly from 65% in May 2022, just before the decision that overruled the constitutional right to abortion, and 57% in June 2021. The new poll is closer to Americans' views before the Supreme Court ruled. Now, 64% of adults support legal abortion in most or all cases. More than half the adults in states with the most stringent bans are in that group. Similarly, about half now say abortion should be available in their state when someone doesn't want to continue their pregnancy for any reason — about the same as in June 2021 but down from about 6 in 10 who said that in 2024. Adults in the strictest states are just as likely as others to say abortion should be available in their state to women who want to end pregnancies for any reason. Democrats support abortion access far more than Republicans do. Support for legal abortion has dropped slightly among members of both parties since June 2024, but nearly 9 in 10 Democrats and roughly 4 in 10 Republicans say abortion should be legal in at least most instances. Fallout from state bans has influenced some people's positions — but not others Seeing what's happened in the aftermath of the ruling has strengthened the abortion rights position of Wilaysha White, a 25-year-old Ohio mom. She has some regrets about the abortion she had when she was homeless. 'I don't think you should be able to get an abortion anytime,' said White, who calls herself a 'semi-Republican.' But she said that hearing about situations — including when a Georgia woman was arrested after a miscarriage and initially charged with concealing a death — is a bigger concern. 'Seeing women being sick and life or death, they're not being put first — that's just scary,' she said. 'I'd rather have it be legal across the board than have that.' Julie Reynolds' strong anti-abortion stance has been cemented for decades and hasn't shifted since Roe was overturned. 'It's a moral issue,' said the 66-year-old Arizona woman, who works part time as a bank teller. She said her view is shaped partly by having obtained an abortion herself when she was in her 20s. 'I would not want a woman to go through that,' she said. 'I live with that every day. I took a life.' Support remains high for legal abortion in certain situations The vast majority of U.S. adults — at least 8 in 10 — continue to say their state should allow legal abortion if a fetal abnormality would prevent the child from surviving outside the womb, if the patient's health is seriously endangered by the pregnancy, or if the person became pregnant as a result of rape or incest. Consistent with AP-NORC's June 2024 poll, about 7 in 10 U.S. adults 'strongly' or 'somewhat' favor protecting access to abortions for patients who are experiencing miscarriages or other pregnancy-related emergencies. In states that have banned or restricted abortion, such medical exceptions have been sharply in focus. This is a major concern for Nicole Jones, a 32-year-old Florida resident. Jones and her husband would like to have children soon. But she said she's worried about access to abortion if there's a fetal abnormality or a condition that would threaten her life in pregnancy since they live in a state that bans most abortions after the first six weeks of gestation. 'What if we needed something?' she asked. 'We'd have to travel out of state or risk my life because of this ban.' Adults support protections for seeking abortions across state lines — but not as strongly There's less consensus on whether states that allow abortion should protect access for women who live in places with bans. Just over half support protecting a patient's right to obtain an abortion in another state and shielding those who provide abortions from fines or prison time. In both cases, relatively few adults — about 2 in 10 — oppose the measures and about 1 in 4 are neutral. More Americans also favor than oppose legal protections for doctors who prescribe and mail abortion pills to patients in states with bans. About 4 in 10 'somewhat' or 'strongly' favor those protections, and roughly 3 in 10 oppose them. Such telehealth prescriptions are a key reason that the number of abortions nationally has risen even as travel for abortion has declined slightly. ___ The AP-NORC poll of 1,437 adults was conducted July 10-14, using a sample drawn from NORC's probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.6 percentage points. ___
