UK watchdog fines Volkswagen unit for unfairly treating customers
Rewrites paragraph 1, adds company response in 5
Oct 21 (Reuters) -A British regulator has fined Volkswagen's VOWG_p.DE UK financial services unit 5.4 million pounds ($7 million) for unfairly treating financially-stretched customers between 2017 and 2023.
Volkswagen Financial Services (UK) Limited, which has agreed to pay over 21.5 million pounds in redress to around 110,000 customers who may have suffered, also took cars away from vulnerable customers without considering other options, the Financial Conduct Authority (FCA) said on Monday.
The failings occurred between January 2017 and July 2023 and were compounded by poorly formatted and automated communications, the regulator said.
"Volkswagen Finance made tough personal situations worse by failing to consider what those in difficulty might need. It is right it compensates those who suffered," the FCA said.
Volkswagen Financial Services said in an email: "We are in the process of concluding our remediation efforts as we continue to provide goodwill payments to affected customers and apologise for any detriment caused."
The watchdog has fined banks such as HSBC HSBA.L, Barclays BARC.L, Lloyds LLOY.L and TSB PTSB.I for failing to treat customers fairly during financially tough times.
($1 = 0.7680 pounds)
Reporting by Prerna Bedi in Bengaluru; Editing by Mrigank Dhaniwala and Mark Potter
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