Barclays accused of trying to quash key car finance ‘mis-selling' ruling [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
The Financial Ombudsman Service, which rules on customer complaints, is trying to block Barclays' application for a judicial review of its findings. The dispute revolves around a January decision from the ombudsman, which found that the bank's car loan division had unfairly paid commission to a credit broker. Its ruling revolved around the treatment of a single customer, known as Miss L, who was not made aware that her loan agreement with Barclays involved £1,600 in commission. Findings of the case sent shockwaves around the industry, as the Financial Conduct Authority (FCA) launched a wholesale review into whether customers had been unfairly treated when securing loans from second-hand car dealerships. This led to other lenders, such as Lloyds Bank and Close Brothers, taking a financial hit However, Barclays has sought to push back against the ombudsman by mounting a legal challenge. This has paved the wave for a bitter High Court dispute, as the ombudsman has accused th
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LYG
Sec Filings
- 10/4/24 - Form 6-K
- 10/3/24 - Form 6-K
- 10/3/24 - Form 6-K
- LYG's page on the SEC website