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Barclays is one of the biggest high street banks in the UK and has been involved in the mis-selling of PPI for decades.
Figures released in its latest annual report show that it has set aside a total of £9.6 billion to pay compensation for PPI claims, of which £900,000 remains in the kitty to pay further successful complaints before the PPI claims deadline on August 29th.
2.4 million complaints and counting
The bank has already received more than 2.4 million mis-selling complaints and with new claims still flooding in it expects to deal with another 290,000 before the deadline. It believes it will be upholding 91% of them in favour of the customer with an average payout of £2,233.
Reporting a profit of £3.5 billion for 2018, the bank said it had also set aside £150 million to cover ‘anticipated economic uncertainty’ in relation to Brexit.
In 2018 the bank had to apologise to tens of thousands of customers after wrongly claiming that they had never held a PPI policy and therefore couldn’t claim for possible mis-selling.
It blamed the way a PPI checking tool was used after claims management companies (CMCs) submitted requests for information, admitting that the requests were not always checked against some of the records they hold.
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Barclays, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time