Barclays has put aside £90m for historic motor finance fee redress.
The determine was detailed in its monetary outcomes for 2024 revealed right this moment.
Barclays stated it ceased working within the motor finance market in late 2019, though historic operations earlier than this time could also be in scope of any potential FCA client redress scheme.
“Taking into consideration the knowledge at present accessible, Barclays has estimated the potential affect of those issues by contemplating the potential foundation for and timing of redress, which complaints could also be legitimate or invalid, and the potential stage of such complaints.
“All these assumptions are topic to important uncertainty and will probably be monitored and up to date if any important new data turns into accessible.
It added: “The authorized and regulatory outcomes and the character, extent and timing of any remediation motion if required stay unsure and, in consequence the final word monetary affect may differ materially to the quantity offered.
The FCA plans to set out the following steps of its evaluate in Could 2025. Beneath the FCA’s guidelines, Barclays’ obligation to reply to motor finance fee complaints is paused till after 4 December 2025.
