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Barclays offers refunds to 10,000 PPI customers
Barclays offers refunds to 10,000 PPI customers
This is a duplicate of the Blog Entry made on: 28th April 2016 15:44
This is a duplicate of the Blog Entry made on: 28th April 2016 15:44
Barclays has sent letters to 10,000 of its customers, offering refunds for Payment Protection Insurance (PPI).
It follows the bank's failure to send out thousands of annual statements, which would have reminded customers of their right to cancel. Those affected over the three-year period have been offered a refund of their premiums, plus 8% in interest. Barclays said the issue had affected less than 3% of its PPI customers in total. It is estimated a typical customer might receive several hundred pounds of refunds. Barclays agreed to make the payments after the intervention of the Competition and Markets Authority (CMA). "The annual statement was an important measure resulting from the market investigation, which ensures customers know they have a PPI policy, how much they are spending on it, and reminds them of their right to cancel or switch," said Adam Land one of the CMA's senior directors. Most of those affected are credit card customers, although 740 hold mortgage accounts with Barclays. The bank said that of 10,000 customers they have contacted, so far only 100 have opted for a refund.....Read more here
It follows the bank's failure to send out thousands of annual statements, which would have reminded customers of their right to cancel. Those affected over the three-year period have been offered a refund of their premiums, plus 8% in interest. Barclays said the issue had affected less than 3% of its PPI customers in total. It is estimated a typical customer might receive several hundred pounds of refunds. Barclays agreed to make the payments after the intervention of the Competition and Markets Authority (CMA). "The annual statement was an important measure resulting from the market investigation, which ensures customers know they have a PPI policy, how much they are spending on it, and reminds them of their right to cancel or switch," said Adam Land one of the CMA's senior directors. Most of those affected are credit card customers, although 740 hold mortgage accounts with Barclays. The bank said that of 10,000 customers they have contacted, so far only 100 have opted for a refund.....Read more here