. The average payment will be around £750. PPI was widely mis-sold by banks, credit card providers and other firms for decades. This led to a wave of payouts, with consumers getting around £38billion back - though many policies were legitimately sold. The Competition & Markets Authority (CMA) found that Barclays failed to send a yearly reminder to customers of PPI policies. CMA rules say that PPI providers must send yearly reminders to customers that set out clearly the cost of their policy, the type of cover they have and remind them of their right to cancel. The CMA said Barclays breached these rules by failing to send reminders to up to 1,306 of its former mortgage PPI policyholders between 2014 and 2017. Barclays did not send PPI reminders to more than 1,000 customers ( AFP via Getty Images) These customers, who held both a mortgage and a PPI policy with Barclays, had moved house and told their bank their new address. But these customers never got any reminders from Barclays. Barclays only discovered this breach in late 2021, and reported it to the CMA. Not getting reminders meant customers may have kept their policies for longer than they needed or stopped checking for cheaper or better alternatives. This may have cost them money, the CMA said. The payout, of up to £1million is made up of refunds and goodwill payments. CMA senior director of remedies, business and financial analysis Adam Land said: 'Barclays will pay customers up to £1million after breaching the CMA's PPI Order. "That's an average payment of around £750 per customer, which is particularly important as the cost-of-living c){kind=link}
Barclays has agreed to pay hundreds of customers for not sending them yearly reminders about payment protection insurance policies, which could have cost households money
More than 1,000 Barclays customers will share a £1million payout after the bank failed to send them reminders about payment protection insurance ( PPI ).
The average payment will be around £750.
PPI was widely mis-sold by banks, credit card providers and other firms for decades.
This led to a wave of payouts, with consumers getting around £38billion back – though many policies were legitimately sold.