Barclays to compensate PPI customers
Barclays has announced it will pay out compensation to everyone it sold payment protection insurance to if their complaint for mis-sold PPI was made before 20th April.
Barclays is the first bank to pay out PPI compensation on a 'no questions asked' basis. Customers will be reimbursed the total value of all premiums plus 8% interest.
Which? chief executive, Peter Vicary-Smith, says:
"Banks have a lot to do to re-build their reputation after over a decade of mis-selling PPI and then mishandling complaints about it. 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."
Which? chief executive, Peter Vicary-Smith, says:
"Banks have a lot to do to re-build their reputation after over a decade of mis-selling PPI and then mishandling complaints about it. 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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