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Barclays’ settlement in loan mis-selling case highlights power of group litigation

Compliance Monitor

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.

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.

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