Barclays has set aside £90m for historic motor finance commission redress.
The figure was detailed in its financial results for 2024 published today.
Barclays said it ceased operating in the motor finance market in late 2019, although historical operations before this time may be in scope of any potential FCA consumer redress scheme.
“Taking into account the information currently available, Barclays has estimated the potential impact of these matters by considering the potential basis for and timing of redress, which complaints may be valid or invalid, and the potential level of such complaints.
“All these assumptions are subject to significant uncertainty and will be monitored and updated if any significant new information becomes available.
It added: “The legal and regulatory outcomes and the nature, extent and timing of any remediation action if required remain uncertain and, as a result the ultimate financial impact could differ materially to the amount provided.
The FCA plans to set out the next steps of its review in May 2025. Under the FCA’s rules, Barclays’ obligation to respond to motor finance commission complaints is paused until after 4 December 2025.
