{"id":489718,"date":"2026-04-09T12:43:57","date_gmt":"2026-04-09T12:43:57","guid":{"rendered":"https:\/\/www.financialafrik.com\/en\/2026\/04\/09\/firstrand-exits-the-uk-after-1-billion-in-losses-related-to-auto-financing\/"},"modified":"2026-04-09T12:44:04","modified_gmt":"2026-04-09T12:44:04","slug":"firstrand-exits-the-uk-after-1-billion-in-losses-related-to-auto-financing","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2026\/04\/09\/firstrand-exits-the-uk-after-1-billion-in-losses-related-to-auto-financing\/","title":{"rendered":"FirstRand exits the UK after $1 billion in losses related to auto financing"},"content":{"rendered":"
<\/div>

South African banking group FirstRand has announced its withdrawal from the UK market after a 17.7 billion rand (1.1 billion USD) accounting impact related to its auto financing activities.<\/p>\n

FirstRand will divest from its UK subsidiary, Aldermore Bank, after new regulatory requirements and a redress scheme imposed by the Financial Conduct Authority (FCA) made consumer financing operations unviable.<\/p>\n

The group increased its provisions for poorly sold auto loans from 510 million pounds (740 million USD) to 750 million pounds (1.1 billion USD), surpassing the 275 million pounds (405 million USD) in cumulative profits generated by the auto division over the past ten years.<\/p>\n

The controversy surrounds MotoNovo, a subsidiary of Aldermore, after a decision by the UK Court of Appeal in October 2024 identified shortcomings in the disclosure of commissions paid to dealers. According to estimates, the FCA redress scheme could cost around 9.1 billion pounds (13 billion USD) for the UK auto sector.<\/p>\n

FirstRand states that regulatory requirements would require a recapitalization of MotoNovo, limiting available capital for future growth in the UK. The bank anticipates that its annual profits could contract by 10 to 15%.<\/p>\n

Aldermore, founded in 2009 and acquired by FirstRand in 2018 for 1.1 billion pounds (1.6 billion USD), serves small and medium-sized businesses and individuals through a digital platform.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

South African banking group FirstRand has announced its withdrawal from the UK market after a 17.7 billion rand (1.1 billion USD) accounting impact related to its auto financing activities. FirstRand will divest from its UK subsidiary, Aldermore Bank, after new regulatory requirements and a redress scheme imposed by the Financial Conduct Authority (FCA) made consumer<\/p>\n","protected":false},"author":527297,"featured_media":489723,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"https:\/\/www.financialafrik.com\/2026\/04\/08\/firstrand-quitte-le-royaume-uni-apres-1-milliard-usd-de-pertes-liees-au-financement-auto\/","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16158,11996],"tags":[],"class_list":{"0":"post-489718","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bank","8":"category-finance-en","9":"pmpro-has-access"},"yoast_head":"\nFirstRand exits the UK after $1 billion in losses related to auto financing - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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