Barclays admits paperwork error
About 300,000 Barclays customers are to get surprise windfalls of hundreds of pounds as a result of a £100m paperwork error by the banking giant.
From next month affected customers will receive refunds of interest paid on personal loans – in some cases stretching back five years – with an average payout of more than £300.
Barclays, already under pressure for scandals involving rigging the Libor rate, loan mis-selling and alleged bungs to Qatari investors, admitted the blunder in its 185-page prospectus for a £5.8bn cash call.
The bank blamed the error on minor technical issues with customers’ statements and arrears notices, such as failing to properly record when someone changed a repayment date.