09:31 AM EDT, 04/10/2024 (MT Newswires) -- Barclays' ( JJCTF ) legal challenge to a UK ombudsman decision favoring a customer complaint over car finance commission may extend the Financial Conduct Authority's probe into motor finance practices, Bloomberg News reported Wednesday, citing people familiar with the matter.

The FCA aims to complete the initial stages of its review by September but Barclays' ( JJCTF ) request for judicial review of the ruling could force an extension, the report said.

Barclays ( JJCTF ) had launched a legal challenge to the Financial Ombudsman Service's ruling that the bank unfairly paid commission to a car finance broker, according to media reports Tuesday.

Neither Barclays ( JJCTF ) nor the FCA immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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