Major bank planning to SCRAP car loans arm ahead of issuing compensation payments to customers over mis-selling scandal

A MAJOR bank is looking to ditch its scandal hit car finance arm from its core UK operation.

The decision follows a landmark ruling in October 2024, which deemed it unlawful for car dealers, acting as brokers, to receive commissions from lenders without obtaining the customer’s consent.

ReutersThe plan would involve moving the finance division out of its Santander UK Plc subsidiary[/caption]

Santander has already set aside £295million to compensate affected borrowers.

...