Barclays challenges FCA ruling on unfair car finance commissions, raising concerns for UK lenders.
Barclays has launched a legal challenge against a ruling that it unfairly paid commission to a car finance broker, raising concerns among the UK's biggest lenders about potential compensation costs. The Financial Conduct Authority (FCA) found that in around 40% of cases, dealerships were setting the interest rate on car finance deals. The FCA is investigating the scale of the problem, with millions of drivers potentially entitled to payments.
April 08, 2024
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