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(Alliance News) - UK Competition & Markets Authority on Wednesday said more than 1,000 customers of Barclays PLC will receive up to GBP1.9 million for payment protection insurance breaches.
The news comes after CMA found the bank failed to provide customers of PPI information.
Barclays shares were flat at 154.18 pence each on Wednesday in London.
Under the CMA PPL order, PPL providers must send reminders to customers, which specify the clear cost of their policy, the type of cover, and the right to cancel.
But Barclays was found to have failed to send reminders to up to 1,306 of its former Mortgage Payment Protection Insurance policy holders between 2014 and 2017.
CMA said these customers had moved house and notified Barclays of their new address, but the bank "failed to act properly on this information, with affected customers not receiving reminders". These customers held both a mortgage and an associated PPI policy with Barclays.
Barclays only discovered this breach in late 2021.
CMA Director of Remedies, Business and Financial Analysis Adam Land said: "Barclays will pay customers up to GBP1 million after breaching the CMA’s PPI Order. That’s an average payment of around GBP750 per customer, which is particularly important as the cost-of-living crisis bites. We will now work with Barclays to ensure these payments are made to customers. It’s important that all PPI providers take notice – we won’t hesitate to take action, as we have done here, if customers have lost out."
By Xindi Wei; xindiwei@alliancenews.com
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