Barclays to refund 300,000 customers after admin error

[Amethyst]

Barclays to refund 300,000 customers after admin error – Home News – UK – The Independent

Category: In the Press, News

Barclays Bank is to pay out up to £100 million to around 300,000 of its personal loan customers after making mistakes on their paperwork.The customers could be inline for a few hundred pounds each after they are believed to have been incorrectly charged interest. The issue dates back to October 2008.The mistake comes after the bank revealed it is facing a £50 million fine over claims it acted “recklessly” in its multibillion pound bailouts from Qatar in 2008.
via Barclays to refund 300,000 customers after admin error – Home News – UK – The Independent.

[Amethyst]

Re: Barclays to refund 300,000 customers after admin error

This is the relevant part from the report (attached) where the information for the news items came from (just if you like to see the source - page 28)

As an example of
non-compliance leading to costs of remediation, UKRBB has identified certain issues with the information
contained in historic statements and arrears notices relating to consumer loan accounts. It is therefore
implementing a plan to return interest incorrectly charged to customers. As at 30 June 2013 a provision
was held for these costs which includes expected operational costs and which Barclays considers to be
adequate in respect of this remediation. Barclays is also undertaking a review of all its businesses where
similar issues could arise, including Barclaycard, Barclays Wealth and Barclays Corporate, to assess any
28
similar or related issues. There is currently no certainty as to the outcome of this review. The findings of
such review could have an adverse impact on the Group’s operations, financial results and prospects.

Also a fair bit about lehman, qatar, libor, ppi and so on.

Think I'd get out of Barclays ....

[EXC]

Re: Barclays to refund 300,000 customers after admin error

This is the relevant part from the report (attached) where the information for the news items came from (just if you like to see the source - page 28)

It still isn't clear what Barclays did here but I spose it'll all come out in the wash.

[enaid]

Re: Barclays to refund 300,000 customers after admin error

It still isn't clear what Barclays did here but I spose it'll all come out in the wash.

Whatever they did I bet me last quid it was no error, they just got copped yet again.

[calamity jane]

Re: Barclays to refund 300,000 customers after admin error

Could be to do with the changes to the 2006 CCA " Statements to be provided in relation to fixed-sum credit agreements " which came into effect from 1st October 2008.

http://www.legalbeagles.info/forums/...nual+statement


CJ