The Latest News for Barclays relating to Payment Protection Insurance (PPI), Mis-sold Investments and Interest Rate SWAPs.
Barclays plc is a British multinational banking and financial services company headquartered in London, United Kingdom. It is a universal bank with operations in retail, wholesale and investment banking, as well as wealth management, mortgage lending and credit cards. It has operations in over 50 countries and territories and has around 48 million customers.
Barclays is organised within these business clusters:
- Corporate and Investment Banking
- Wealth and Investment Management
- Retail and Business Banking
News for Barclys
News & Information Barclays Mis-Selling
Barclays Lose Legal Battle, Swap Compensation Claims May Rise
Barclays and Deutsche Bank have recently been designated defendants in civil lawsuits filed by current lending customers. The banking institutions previously intiated an independent review of their loans that had included an additional insurance product called an interest rate swap. The interest rate swap product allowed the interest rates on the loan outstanding to move against any interest rate changes in the open derivatives markets. Any interest rates that moved negatively would be hedged with the additional interest rate swap product that was being sold to new customers.
Mis Sold Investments – Barclays apology over mis-selling scandal
Barclays has made an extraordinary apology to Financial Mail over the mis-selling of a risky stock market investment to thousands of mainly older, risk averse customers.
The bank’s bosses are trying to draw a line under the scandal involving the Aviva Global Balanced Income Fund, a high-risk stock market investment mainly sold in 2007.
Barclays increases Financial Mis-Selling compensation funds
Barclays is understood to publish its finacial mis-selling endevours this week and announce an increase in the compensation funds set aside to deal with three types of financial products mis-sold by the Banking Giant.
The three types of Barclays mis-sold financial products:
- Payment Protection Insurance
- Interest Rate Swaps
- Credit Card Identity theft cover
Barclays PPI Complaints: 1,500 Per Day and Rising
Years after the controversial financial instruments have ceased being issued, PPI complaints are still flooding into the Financial Ombudsman Service each and every day, and current and former Barclays customers are leading the charge. In fact, the latest report states that the large financial institution receives more than 1,500 complaints every single day.
Interest Rate Swaps: Barclays Bank, Fair and Reasonable Redress
Certain interest rate hedging products (IRHPs) have come under question by current banking customers and by several banking agencies within the U.K. These banking products are structured collar financial products that are frequently used to hedge against future interest rate expenses. These complex structured collars were sold to numerous loan customers during the period of time before the great international recession. This financial downturn across the international financial markets created unusual interest rate returns for many of the structured collars sold to Barclays Bank customers.
Investment Mis-Selling – Barclays’ £60m compensation bill
Thousands of people investing their retirement savings were given poor advice by Barclays, which must now pay millions of pounds in compensation.
The bank has been fined £7.7m by the Financial Services Authority and will pay up to £60m compensation to customers of two investment funds. One in seven of the 12,000 investors complained about the advice received from July 2006 to November 2008.
Barclays accepted it had ‘let customers down’ and has apologised.
Barclays interest rate swap trial is delayed on appeal
The biggest test case against Barclays for allegedly manipulating the Libor rates has been suspended until April 2014. The plaintiff in the trial, Guardian Care Homes (GCH), called it a last gasp and desperate move by Barclays to avoid justice.
The matter will now move into the Court of Appeal this summer where Barclays will challenge specofic aspects of the rigging scandal.
Mis-sold Interest rate swap costs Barclays £1.5mil in compensation
Barclays is to pay £1.5 million in compenation for a mis-sold interest rate swap according to the Guardian. The case has been in court for the past 3 years over an interest rate swap sold to a holiday resort owner in Cornwall.
The compensation will not be paid until further losses and hardship caused by the interest rate swap has been calculated.
The need to agree to these so-called consequential losses means Barclays has not yet paid out to any customers claiming compensation for mis-sold interest rate swaps, which were intended to protect customers against interest rate rises.
Barclays increases Mis Selling fund to £1bn to cover Swap Claims
In the news this morning Barclays has announced that it is increasing its Mis Selling fund to £1bn to include Swap Claims. Last week the FSA decided after an ivestigation into Interest Rate Swaps, that over 90% of the Interest rate Swap policies that they looked at, had been mi sold.
Although there were an estimated 40,000 mis sold Interest Rate Swap products sold, these were sold to small businesses and the total amount of compensation to be potentially claimed, may exceed the PPI claims repayed.
Barclays Customer Service scores 4 out of 100 as Easy Switching Starts
In a recent survey by the lobby group Move your Money revealed that Barclays Customer service was the worst financial institution ( out of 70 surveyed ). Barclays scored a dismal 4 out of 100 in the survey for : Honesty, Customer Service and Value to Society.
All of this on the same day that Switching current accounts was meant to become easier. The lobby Group is urging Barclays 12 million current account holders to use the new legistlation to switch their accounts to a better performing financial institution.
New Barclays Libor Rate Fixing Allegations Emerge in Court
A current lawsuit has emerged that is bringing to light many of the details regarding the continuing Libor rate fixing scandal. The scandal is a part of an interest rate manipulation that is being investigated within several of the world’s largest banking institutions. Barclays is among the banks that have been investigated for insider benchmark interest rate manipulations. A current court case against Barclays has indicated that insider interest rate changes were made in order to gain a significant monetary profit.
PPI Claims On Your Barclaycard: How to Claim & FAQ’s
Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.
Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on
Barclays in Court over Mis Sold Swap Claims
In late October, a clearly flustered High Court justice scolded a Barclays Bank barrister in the court and ordered the bank to show the names of the employees involved in the alleged Libor rigging scandal. So began the blockbuster trial that will lay out the scam used by some of London’s biggest banks to rip off customers involving Interest Rate Swaps.
Barclays The Worst Offender – Banks Ordered To Pay Out £ 160m in Compensation
Banks were ordered to pay more than £ 160million in compensation to customers last year after a clampdown by the financial regulator. Compensation was almost treble the 62million shelled out in 2010, while charges hit 66million, the second-highest total in the Financial Services Authority’s past – behind 2010′s 89million.
Barclays was the worst offender, according to research by law firm Freshfields reported in the Financial Times. The bank was ordered to pay out 59million to retail industry clients and was fined 7.7 million for failings in the way it sold funds labeled ‘cautious’ and ‘balanced’.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
- Swaps (IRHP) Determining the Level of Redress - November 3, 2014
- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014