Over the past few years we have made significant progress in relation to two historic areas of complaints: PPI and Interest Rate Hedging Products (IRHP). Below is an update on each.
The Financial Conduct Authority (FCA) has introduced a deadline for making complaints about the mis-sale of Payment Protection Insurance (PPI). If you want to make a complaint about the way PPI was sold to you, you’ll need to do it before 29 August 2019. It’s easy to do and your complaint won’t change anything to do with your account(s) or your relationship with us. To help you make a complaint or check if you’ve had PPI, we’ve put all the information you need on the Barclays and Barclaycard websites.
PPI has continued to generate very high volumes of complaints for the whole of the industry, including Barclays, in the last few years. Whilst many customers have benefited from our PPI product range, we stopped selling new PPI policies in 2010 and recognise that genuine PPI complaints are absolutely valid.
To date, we have proactively contacted over 974,000 customers in relation to a potential PPI mis-sale. Our proactive activity is now drawing to a close.
Complaints about the mis-selling of this product, which continue to account for a large proportion of complaints we receive, do not necessarily relate to the way Barclays conducts business today.
Interest Rate Hedging Products (IHRP) are designed to help business customers manage fluctuations in interest rates. They can be useful for some companies; however, we recognise that we have not met the standards expected of us by our customers or regulator.
We have undertaken a thorough review of IRHP, and have provided those customers who were affected with their review outcomes and, in many cases, a redress offer. We continue to work closely with these customers to bring their reviews to a close. We are prioritising the review of sales to small-to-medium enterprise (SME) customers which are in financial difficulty.