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Barclays Customers to Receive £1M for PPI Breaches

Author: Samuel Beckingham
Updated: Apr 24, 2023
7 minutes read
  • How the Barclays Bank PPI claim works
  • Other PPI claims you can make use of
  • How a Plevin PPI claim is different

Over 1,000 Barclays customers are eligible for part of a shared payout for compensation over breaches in PPI. The Competition and Markets Authority (CMA) has ordered Barclays to pay its mortgage customers after not sending reminders out. Since the rules for PPI claims are very clear, the breach is serious and entitles a payout of £1 million.

This article will explain how the Barclays Bank PPI claim works, why it’s important and how much you could be owed. It will also look at how this differs from other PPI claims. In the times where cost pressures are forcing people to look for ways to save money, PPI claims like these can help you receive a little bit more money to make life a little easier.

A Barclays Bank sign over a glass facade

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What Is the Barclays Bank PPI Claim About?

Up to 1,306 Barclays mortgage customers were not sent annual review documents by the bank. Between the years 2014 and 2017, PPI policyholders were left in the dark about what they were paying. These annual reports were mandatory, giving information about totals and the type of policy that customers had. Alongside any mis-sold PPI claims, this entitles policyholders from Barclays to an additional payout.

Bank Vector

The main issue stemmed from mortgage customers changing addresses. After informing the bank that they had moved, Barclays didn’t then send the annual reminders to these customers. In 2021, they reported themselves to the CMA after realising what had happened. Now that the watchdog has intervened, they’ve deemed it only fair that Barclays pays out £1 million. PPI claims can give you more money back, but this is a separate settlement.

Despite the watchdog being able to order Barclays to issue a refund for these PPI claims, the CMA is unable to impose fines. They are currently calling on the government for the power to do so, as this will enable companies to be deterred from breaking the law. By fining companies, the public can be assured that their interests are being taken seriously.

Why Were Reminders Needed?

Statement Vector

The annual reminders for PPI policyholders were a way of allowing customers to make sure they were only keeping their policy for as long as it was needed. It also allowed them to check for better deals elsewhere. It’s argued that compensation is necessary for these customers as they were then missing out on opportunities, despite having informed the bank of their change of address. Rather than making individual PPI claims, the watchdog has ordered Barclays to contact and pay customers directly.

Many policies were mis-sold and subject to PPI claims, but these mortgage PPI reminders gave customers a chance to see what they had bought, what they were paying to the bank and explained their rights to cancel. By neglecting to send these reminders, Barclays Bank was in breach of PPI laws, hence the decisive action from CMA.

Am I Eligible for the £1 Million Payout?

As long as you are a current or former Barclays Bank mortgage PPI policyholder and did not receive the annual review statements, you will qualify. To rectify the mistake and the inconvenience caused, £1 million has been set aside to pay for these PPI claims. Even if you’re not a Barclays customer, the CMA has already issued a warning to other banks, so it’s possible that you may qualify with another provider.

You can qualify for the Barclays Bank PPI claim if:

  • You were a Barclays customer between the years 2014 and 2017

  • You have (or have had) a PPI policy on your mortgage

  • You did not receive annual review statements for your policy

How Much Will I Get?

On average, affected customers are likely to see around £750 from the PPI claims payout. Considering some people may have kept their policies for longer than necessary or not been aware that they could have cancelled it, this compensation goes some way to making reparations. The £1 million forms part of refunds and goodwill payments, which is also useful during the cost of living crisis.

Do I Have to Apply?

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The CMA has specified that Barclays needs to contact affected customers directly. In a public letter to the bank, the watchdog has ordered them to compensate for the missing reminders. Having the power to enforce the law, it’s hoped that other banks will make sure they don’t make the same mistake.

You can check your eligibility for other PPI claims on this website by filling in your details.

How Does This Differ from Other PPI Claims?

Banks are not unfamiliar with paying billions of pounds to their customers. PPI policies were mis-sold and policyholders were able to receive settlements for PPI claims. Despite the deadline having passed, other claims can be made instead, such as on the tax taken on the payout and the commission that was charged.

The Barclays Bank PPI claim is different because it focuses on a specific issue. Instead of money for the PPI claims themselves, it applies to mortgage customers for Barclays who did not receive annual statements. As well as being able to receive a share of £1 million, customers will also be able to claim a refund for past premium payments.

You can see how much has been paid in PPI refunds and compensation historically in the interactive graph below.

Making a Plevin PPI Claim

To additionally help with the cost of living, you might consider Plevin PPI claims. Even if you’ve already had a PPI payout or settlement, the Plevin rule works by refunding high levels of commission that you paid on your policy. You may not have realised that such a high percentage of your monthly payments were going towards commission, so anything above 50% can be refunded to you.

Can I still claim PPI in 2024?

Making a PPI Tax Claim

PPI claims were subject to tax, which reduced how much your settlement was worth. Since 2016, any settlement from PPI has been eligible for a tax refund. If you’ve had a settlement, you can apply for a PPI tax refund to receive that additional amount that you were always due.

If you’ve had a PPI payout, you can reclaim tax.

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