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Loans are backed by a relative or friend and have seen Amigo become UK’s most complained about financial firm
Family members and friends have protested to the Financial Ombudsman that they did not agree to be a guarantor or were forced into doing so. Photograph: Dominic Lipinski/PA
Family members and friends have protested to the Financial Ombudsman that they did not agree to be a guarantor or were forced into doing so. Photograph: Dominic Lipinski/PA
Tue 2 Mar 2021 19.01 EST
Last modified on Wed 3 Mar 2021 02.15 EST
Complaints to the financial ombudsman about a type of high-cost loan where the debt is backed by a relative or friend have leapt by more than 3,000% in a year and are running at almost 800 a week.
In the early days of the pandemic the insurance industry pulled travel products from the market amid the uncertainty. When these returned many providers shied away from offering Covid-19 cover, but as
Mastercard Faces $18.6B Class Action in UK
Mastercard Inc. faces the prospect of a 14 billion-pound ($18.6 billion) UK class action the largest of its kind after losing another battle at the country’s highest court over illegal swipe fees.
The Supreme Court ruled in favor of a group behind a proposed British suit, representing some 46 million consumers. Friday’s decision also sets the stage for a slew of class-action cases, after the judges made it easier to bring mass claims.
Mastercard has faced numerous legal challenges since European Union courts said its payment fees unfairly restricted competition. The decision means the long-running British case, which started in 2016, will now be reconsidered by a specialist tribunal. Mastercard shares fell 1.2% in New York trading.