Barclays Loses Appeal Over Car Finance Practices

Barclays has lost a High Court appeal regarding its car finance practices, marking a significant setback amid rising claims of mis-selling in the sector. The court upheld a previous ruling from the Financial Ombudsman Service that found Barclays unfairly added £1,300 in commission to a customer's car loan in 2018 without proper disclosure. This ruling could have broader implications, as the Financial Conduct Authority (FCA) considers a potential redress scheme for affected consumers. Following the decision, Barclays plans to appeal, expressing disappointment in the ruling. The fallout has also impacted shares in Barclays and other UK banks, as the industry braces for potential multi-billion pound liabilities due to similar claims. The case is expected to influence future complaints handling across the UK finance sector.