Barclays fined £26m over poor treatment of customers in financial difficulty
PA
15 December 2020, 11:14 am
Barclays has been fined £26 million after its poor treatment of some consumer credit customers who fell into arrears or experienced financial difficulties risked making their problems worse.
The Financial Conduct Authority (FCA) imposed the fine on Barclays Bank UK Plc, Barclays Bank Plc and Clydesdale Financial Services Limited (Barclays).
It said Barclays has pro-actively redressed these customers, paying over £273 million to at least 1,530,000 customer accounts since 2017 and the redress programme is close to completion.
Barclays apologised to customers and said it has now put several new measures in place, including changes to staff training.
Barclays fined £26million for treatment of customers in debt
Between April 2014 and December 2018 some customers were treated poorly when they fell into arrears
Updated
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Barclays has been fined £26 million for failures in relation to treatment of consumer credit customers who fell into arrears or experienced financial difficulties.
The Financial Conduct Authority (FCA) imposed the fine on Barclays Bank UK Plc, Barclays Bank Plc and Clydesdale Financial Services Limited (Barclays).
The Financial Conduct Authority (FCA) has fined Barclays £26m for its failures in relation to their treatment of consumer credit customers who fell into arrears or experienced financial difficulties.
The fine was given to Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited (Barclays).
Barclays has redressed these customers, paying over £273m to at least 1,530,000 customer accounts since 2017.
The redress programme is close to completion.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Consumers should feel reassured that their lender will work with them to help resolve any financial difficulties, whereas Barclays’ poor treatment of its customers risked making these difficulties worse.