28
October 2024
SANTANDER UK GROUP HOLDINGS
PLC
Third Quarter 2024 Results
Announcement
Santander UK Group Holdings plc intends to
delay its third quarter 2024 results announcement which was
scheduled to take place on Tuesday 29 October 2024.
This follows the publication of the judgment of
the Court of Appeal in the joined appeals of Johnson, Wrench and Hopcraft on Friday
25 October 2024 in relation to disclosure to consumers of dealer
commissions on motor finance transactions (the Judgment). The Court
of Appeal determined that a motor dealer who arranges finance for a
customer owes certain duties to disclose to the customer commission
from lenders, and that lenders will be liable for non-disclosure by
the dealer. It also found an unfair relationship existed on the
facts of one case.
The Judgment sets a higher bar for the
disclosure of and consent to the existence, nature and amount of
any commission paid by a lender than had been understood prior to
the decision to be required under FCA or other regulatory guidance
and previous legal authorities. As such, Santander UK Group
Holdings plc disagrees with the conclusions reached by the Court
and notes that, whilst the Judgment may set a precedent for similar
claims, both defendant firms have publicly announced they will
appeal the Judgment to the UK Supreme Court.
It is not practicable to reliably estimate at
this point in time the extent of any potential financial impact.
However, Santander UK Group Holdings plc is taking time to consider
the Judgment and the potential exposure it creates for the
Santander UK Group.
-Ends-
For further
information, please contact:
Additional information about
Santander UK and Banco Santander
Santander UK is a financial services
provider in the UK that offers a wide range of personal and
commercial financial products and services. At 30 June 2024, the
bank had around 19,600 employees and serves around 14 million
active customers, including 7 million digital customers via a
nationwide 444 branch network, telephone, mobile and online
banking. Santander UK is subject to the full supervision of the FCA
and the PRA in the UK. Santander UK plc customers' eligible
deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US,
BNC.LN) is a leading commercial bank, founded in 1857 and
headquartered in Spain and one of the largest banks in the world by
market capitalization. The group's activities are consolidated into
five global businesses: Retail & Commercial Banking, Digital
Consumer Bank, Corporate & Investment Banking (CIB), Wealth
Management & Insurance and Payments (PagoNxt and Cards). This
operating model allows the bank to better leverage its unique
combination of global scale and local leadership. Banco Santander
aims to be the best open financial services platform providing
services to individuals, SMEs, corporates, financial institutions
and governments. The bank's purpose is to help people and
businesses prosper in a simple, personal and fair way. Banco
Santander is building a more responsible bank and has made a number
of commitments to support this objective, including raising €220
billion in green financing between 2019 and 2030. In the first
quarter of 2024, Banco Santander had €1.3 trillion in total funds,
166 million customers, 8,400 branches and 211,000
employees.
