Barclays loses car finance mis-selling cases in blow for banks [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
Barclays has lost a legal battle linked to the growing car finance mis-selling scandal , in a fresh setback for banks facing billions of pounds in compensation claims. A judge on Tuesday dismissed the bank's appeal against a ruling that it failed to treat a customer fairly when she bought a used car. The case revolved around the use of a broker to arrange a loan to buy the car. The Financial Ombudsman Service had originally ruled against Barclays, saying the customer buying the car could have ended up paying a higher interest rate because of an undisclosed commission arrangement with a broker. Barclays had sought to challenge that ruling. However, a judge dismissed Barclays' appeal on Tuesday, saying that the Financial Ombudsman Service was entitled to take the decision that it did. “The customer's borrowing costs are increased by the broker's choice of an elevated interest rate. That is so whether or not, in the self-serving view of the lender and the broker, she is more tha
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