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Barclays to settle all PPI claims

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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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. 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.

  2. This is good news, and hopefully the PPI scandal will draw to a close. I do hope though that Barclaycard uses its right of “Set Off” legally as it has not in my case. Complainants beware they will use any trick to find a way to wriggle out of paying you.

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