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Santander sets aside £295m to cover cost of car loan mis-selling

The Guardian

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November 21, 2024

Santander UK has put aside £295m to cover potential payouts to car loan customers as the bank issued its first estimate ofthe financial fallout from the car loan mis-selling scandal.

- Kalyeena Makortoff Mark Sweney

The figures were released alongside the bank's third-quarter results, which had been delayed last month following a court of appeal ruling which said it was unlawful for two lenders to have paid a "secret" commission to car dealers without borrowers, knowledge.

The provision dented the bank's pre-tax profits, which fell to £143m in the quarter, down from £413m in the second quarter.

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The Guardian

The Guardian

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