FCA has fined 3 entities in the Barclays group £26m for breaches of Principles 3 and 6 relating to failures in relation to their treatment of consumer credit customers who fell into arrears or were otherwise in financial difficulties.
The fine was imposed on Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited, and related to the treatment of both retail and small business customers, for failings between April 2014 and December 2018. The banks did not properly follow internal policies for customers who fell into arrears, did not speak to customers to properly understand the reason for arrears and did not properly understand customers’ circumstances.
Barclays had identified some of the problems in 2014 but systems and controls failings meant they were not fully rectified at the time.
The bank has put in place a full remediation programme which is nearly complete and did not dispute FCA’s findings.