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News

Barclays rapped for repeat failure to remind customers of PPI rights

Between October 2016 and October 2017 Barclays failed to provide a reminder to 2,265 Littlewoods credit card PPI customers, saying a technical problem when it moved computer systems was to blame.

After realising its lapse the bank wrote to customers, who collectively have received £336,000 in refunds.

Adam Land, the CMA’s senior director of remedies, business and financial analysis, said: “The annual reminder is an important measure so customers know they still have a PPI policy and how much it is costing them each year, as well as their right to cancel or switch.

“This is Barclays’ second breach of the PPI order. As a result, we are issuing legal directions which can be enforced by a Court, to ensure they comply with the order.”

Barclays will have to provide assurances to the CMA that it has the systems in place to prevent another breach, after a similar failure which affected almost 10,000 customers in 2015.

Barclays is the second biggest culprit in the PPI saga, with £9.7bn paid out so far in redress to customers. Lloyds Banking Group has paid out £19.3bn through its various brands, according to figures from New City Agenda, a think tank. UK banks have paid out £46.4bn in total.

A Barclays spokesperson said: “Between October 2016 and October 2017 a small number of PPI customers were not sent the Annual Review statements which they were entitled to receive. This issue has now been resolved and all customers have received their missing statements. We have written to all affected customers to apologise unreservedly and to outline how we will recompense them where they would have otherwise cancelled their policy.

“We take this matter extremely seriously and have conducted an internal investigation to ensure all stringent controls and policies continue to be upheld.”

Article taken from – CityA.M

Posted by M White on 07 Aug 2018

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