PPI customers of Barclays who made a complaint before April 20 are to be fully compensated following a judicial review decision. Barclays agreed to process all of the complaints, including those that were put on hold due to having to wait for the outcome of the High Court judgment.
In a statement, a spokesperson for Barclays Bank said: “We have said before that when we get things wrong, we apologise, and work hard and work fast to put them right as quickly as possible.
"Working in close co-operation with the Financial Services Authority and the Financial Ombudsman Service, and in recognition of the delay customers have experienced whilst awaiting the outcome of the High Court judgment, we can confirm that we are contacting customers whose complaint was put on hold on or before 20 April with an offer to settle their complaint in full as a gesture of goodwill."
This week, letters will be sent out to PPI customers confirming that they will be reimbursed, and then on August 31, customers will receive a further letter with full details of their compensation.
Peter Vicary-Smith, chief executive of Which?, said: “Banks have a lot to do to rebuild their reputation after over a decade of mis-selling PPI and then mishandling complaints about it.
"It’s fantastic to see Barclays stepping up in this way, acknowledging their mistakes and refunding customers what they’re owed, no questions asked. Hopefully this will have a domino effect and other banks will follow suit – the sooner the banking industry can consign the PPI mis-selling scandal to the history books, the better.”
To help banks handle their PPI complaints, the Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS, to ensure that they are able to handle the complaints properly. Arrangements include extending the periods of time banks have to deal with the backlog of on hold PPI complaints and the vast amount of new complaints.
For more information, please visit www.glazers.co.uk
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