Close Brothers group chief executive Adrian Sainsbury has taken temporary medical leave of absence from the business, the company revealed today.

Despite the absence of the CEO, the merchant bank's scheduled full year results announcement will proceed as planned on Thursday 19 September.

In a statement to the stock exchange today the company said: “The group has put in place robust temporary cover arrangements to ensure continuity in the delivery of the group's strategy during this period.”

Mike Morgan, group finance director, will assume Mr Sainsbury’s primary responsibilities while chairman Mike Biggs and other members of the senior management team will provide support.

Mr Morgan will host Thursday’s results announcement. The firm said: “A further update will be provided in due course.”

Mr Sainsbury was appointed group CEO in 2020, having previously been managing director of Close Brothers’ banking division since 2016 and a director at the bank since 2013.

The group has been hit by an FCA probe into car finance announced in January with the regulator looking into whether car finance lenders mis-sold products to customers by using hidden so-called discretionary commission arrangements, a selling practice which was banned in 2021.

Close Brothers Group owns a motor finance arm and said in its half year results in March that it would raise around £400m to deal with potential costs associated with the review.

At the time the company said: “The board recognises the paramount importance of preparing the group for a range of outcomes from this review.”

In July the FCA said it would set out next steps in its motor finance probe in May 2025. The regulator could set up a redress scheme if it rules that a large number of customers should be compensated.

Close Brothers Group also owns investment and advice firm Close Brothers Asset Management, that provides advice, investment management, and self-directed services to private clients and professional advisers.