Barclays to offer early car finance compensation to some customers
Barclays will start offering compensation this month to some customers who say they were mis-sold car loans, becoming the first big UK lender to do so before a legal battle over an industry-wide scheme ends.
Barclays will begin offering compensation this month to tens of thousands of people who say they were mis-sold car loans, The Guardian reports. It is the first big UK lender to make such payouts while a legal battle over an industry-wide compensation scheme continues.
The Guardian says the bank will make "early settlement" offers before the legal outcome is known. Customers who accept are likely to get the money before Christmas, it reports.
The BBC reports that the regulator supports lenders making early compensation offers, as long as the offers are fair.
The BBC also reports that millions of people could be entitled to compensation because of commission arrangements between lenders and car dealers.
Reported by
- BBC NewsDrivers may get compensation offers before car finance saga endsTue, Nov 3, 4:45 AM EST
- BBC NewsCar finance compensation payments explainedTue, Nov 3, 7:30 AM EST
- The GuardianCar finance: Barclays becomes first big lender to offer payouts for mis-selling of loansTue, Nov 3, 8:34 AM EST
This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.