Barclays to settle all PPI claims
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Source: Vismedia
Barclays has promised to pay compensation to all those who it sold payment protection insurance and who made a complaint before April 20.
Customers will be repaid all their premiums and 8 per cent interest in a move the bank says will affect tens of thousands of customers and covers all the complaints put on hold during the PPI judicial review.
Barclays has previously set aside £1bn to cover the PPI it has mis-sold to customers.
Barclays has said it will review all complaints on merit after the automatic reimbursement cut-off date of April 20.
Which? chief executive Peter Vicary-Smith says: “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.”
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Readers' comments (1)
Alan Lakey | 14 Jun 2011 1:40 pm
Amongst the general euphoria that this statement generates let us consider it from a different perspective.
Barclays is effectively admitting liability in respect of every complaint and will not be performing any investigation other than a loss calculation.
As we know, many consumers make complaints in the hope of a freebie. I even had a call from a longstanding client who having received an automated phone call contacted me to register a complaint about her PPI plan. When I told her she didn't have such a plan she said, oh, alright.
This blanket approach adds fuel to the opportunists engines and provides renewed vigour for the charlatans.
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