Barclays to Make Early Settlement Offers to Auto Loan Customers After Suspension of $12.08 Billion Redress Scheme

MT Newswires Live11-03

Barclays (BCS) will make early settlement offers to some of its motor finance customers after the suspension of a 9 billion UK pound ($12.08 billion) redress program over court challenges, the company said Tuesday.

The UK's Financial Conduct Authority imposed the plan to return money to consumers over improper automotive lending practices only to have parts of the arrangement challenged in court by banks and motor vehicle companies.

Barclays Partner Finance will offer settlements to some customers whose complaints were confirmed on or before Oct. 1, the company said.

Customers will have one month to accept an offer as a full and final settlement or decline and await the outcome of the legal challenges, which could result in higher, lower or no compensation, Barclays said.

The settlement offers will be calculated using the FCA's methodology, it added.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment