Dec 15, 2020

Barclays fined £26m over treatment of borrowers

The UK financial regulator has fined Barclays £26m over its treatment of borrowers who fell into arrears or experienced financial difficulties over a four-year period. On Tuesday, the Financial Conduct Authority said that between April 2014 and December 2018 Barclays Bank UK plc, Barclays Bank plc and Barclays' Clydesdale Financial Services failed to follow its policy for contacting customers in arrears, and did not have "Appropriate conversations" with them. 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's poor treatment of its customers risked making these difficulties worse." Barclays has since proactively paid out more than £273m in redress to at least 1.5m customer accounts. Get alerts on Barclays PLC when a new story is published.

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