Santander sets aside £295mn to cover costs over car finance ruling

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Financial Times 3d ago

Santander sets aside £295mn to cover costs over car finance ruling - Financial Times

Quick Summary:

Haddrill also said the industry was “bemused” by the Court of Appeal judgment, which “seems at odds not just with the regulatory framework but with the interpretation that there has been in the law before then”.

The situation echoes the £50bn payment protection insurance (PPI) scandal, the industry-wide mis-selling of cover for credit card and loan repayments that blew up into a costly problem for banks.

The FCA’s probe centres on the historic use by lenders and brokers of now banned “discretionary commission agreements” on car loans, a practice whereby the fees earned by the dealer were linked to the interest rates paid by customers.