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Payment protection fiasco costs Barclays £1 billion

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Barclays has decided not to appeal against the recent High Court ruling on payment protection insurance (PPI). It will now begin to process all on-hold and any new complaints from customers about PPI policies.

 

Barclays has decided that it will not participate in any application for permission to appeal against the High Court judgment of 20 April 2011, which dismissed the action brought by the British Bankers’ Association regarding the assessment and redress of payment protection insurance (PPI) complaints.

 

Barclays has also agreed with the Financial Services Authority that it will now begin to process all on-hold and any new complaints from customers about PPI policies that they hold. These customers will be contacted, and Barclays will assess and address their complaints as quickly as practicable.

 

Bob Diamond at Barclays says, “We don’t always get things right for our customers. When we get them wrong, we apologise and put them right. That is our commitment to our customers, and it applies to the way in which we will deal with PPI complaints.”

 

Barclays is taking a provision to cover the cost of future redress and administration of £1 billion.

Income protection insurance news: 16 May 2011

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