Barclays’ settlement in loan mis-selling case highlights power of group litigation
Consumers who are affected by the mis-selling of financial services have several avenues open to them to achieve redress – and group litigation actions are on the increase, reports Ben Rees.
Ben Rees is a director in the Investment Fraud & Mis-selling group at Keller Lenkner UK, where hespecialises in regulatory matters. Contact him on [email protected]
Barclays has agreed to pay compensation in respect of loans for timeshares in Malta, which were mis-sold. The loans totalled
some £48 million and were extended to almost 1,500 consumers. The bank agreed to the settlement in June 2021, in the wake
of revelations that Azure Services Limited – which was not authorised by the Financial Conduct Authority – brokered loans
from Barclays Partner Finance (BPF) to enable consumers to purchase timeshares in Malta.