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Barclays loses challenge to motor finance ruling as UK watchdog's redress scheme looms

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Barclays on Tuesday lost its bid to overturn a key ruling on motor finance commission, in a case likely to affect a potential multibillion pound consumer redress scheme from Britain's finance watchdog.
Barclays has lost a legal challenge against a ruling by the UK's Financial Conduct Authority (FCA) regarding a potential redress scheme for car finance mis-selling. The High Court dismissed Barclays' application for a judicial review, which sought to challenge the FCA's decision to investigate potential widespread misconduct in the motor finance sector. This ruling paves the way for the FCA to proceed with its plans to address issues where car buyers might have been charged excessive discretionary commission arrangements (DCAs) between 2007 and 2021. The FCA's investigation could lead to significant compensation for affected consumers, with estimates suggesting that the total redress could reach into the billions of pounds. The decision marks a significant step towards accountability in the motor finance industry, potentially affecting multiple financial institutions involved in similar practices.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/barclays-loses-challenge-motor-finance-ruling-uk-watchdogs-redress-scheme-looms-2024-12-17/ ]