Barclays Bank has said it is going to pay out compensation to every customer who has made a claim with them against mis-sold PPI (payment protection insurance) before 20th April. This decision comes after Lloyds also advised they were about to begin paying out compensation for PPI claims.
Barclays have advised that they are the first bank to start paying out claims on a no-quibble basis. The bank is to start contacting customers whose PPI claims were put on hold on or before 20th April and settle their complaint in full, plus an 8% interest added on as a gesture of goodwill.
Barclays has said that “Our customers have waited long enough because of the long-running judicial review, and this would allow us to clear the backlog quickly and access new cases more quickly”.
Peter Vicary-Smith, chief executive of ‘Which?’ has advised that it is fantastic to see Barclays stepping up in this way and acknowledging their mistakes and refunding their customers what they owe with no questions asked.