Barclays recovers from UK's costliest consumer scandal

Last updated 09:05 21/02/2014

Relevant offers

World

US Fed mulls end of crisis policies Vatican cleans up scandal-hit bank US firm chasing ex-worker Salad days continue at Kickstarter Madoff son called co-conspirator Australian confidence rise 'disappointing' Quirky Aussie phone brand dies How a potato salad sold for $26,000 Expedia launches Wotif takeover bid Reshuffle 'a nod to working women' in Japan

Customer complaints at Barclays fell by a quarter in the second half of 2013, the bank said on Thursday, reflecting a decline in cases relating to the mis-selling of loan insurance.

The bank said that total complaints fell by 26 per cent year on year, dropping to 317,000, while complaints about payment protection insurance (PPI) were down 24 per cent to 225,000.

The data will raise hopes that complaints about PPI mis-selling, Britain's costliest consumer scandal, may have peaked.

Barclays has so far set aside £3.95 billion ($8 billion) to compensate customers.

The policies were supposed to protect borrowers against sickness or redundancy but were often sold to those who would not be eligible to claim.

Total complaints excluding PPI were down 31 per cent to 92,000 and Barclays Retail chief executive Ashok Vaswani described the decline as encouraging.

"We recognise that we still have a way to go, even one complaint is too many," he said.

Ad Feedback

- Reuters

Special offers

Featured Promotions

Sponsored Content