Barclays PPI Claims – The Story
The Barclays PPI Claims story started of many years ago, even before they became a household name.
However, Barclay’s origins date back way before the PPI mis-selling scandal. So, how did this once much loved bank become the most complained about bank in the United Kingdom?
Barclays beginnings go way back to 1690, when two friends, John Freame and Thomas Gould started trading as goldsmith bankers. Barclays later got their household name when John’s son-in-law, James Barclay became a partner of the business in 1736.
Over the years Barclays have become a worldwide name. It is now a British multination banking corporation, and a universal bank with operations in retail, mortgage lending and credit cards! As of December 31st 2011, Barclays had assets reaching $2.24 TRILLION , the seventh largest of any bank worldwide.
1900 – 2000
Between 1905 and 1916, Barclays wanted to spread their horizon. They extended their branch network by making acquisitions of smaller English banks.
In the following years Barclays extended their enterprise even further by opening their first over-seas operation trading as ‘Barclays DCO’ (Dominion, Colonial and Overseas).
1966 saw Barclays release there first credit card in the United Kingdom. Following this Barclays installed the worlds first ever cash machine on June 27th 1976!
In 1987 Barclays introduced there first connect card, the first debit card in the United Kingdom.
2004 saw Barclays take over sponsorship to the Premier League from Barclaycard.
More recently we’ve seen Barclays create there ‘Digital Eagles‘. Their idea being to create staff who would highlight the benefits of digital solutions, in which would make customers lives much easier.
Over recent years Barclays have found themselves receiving numerous fines for mis-treating or mis-selling to their customers, or manipulating figures to suit their needs.
In 2009, Barclays were given a fine by the Financial Services Authority (FSA) of £2.45 MILLION for failings in transaction reports.
The FSA again fined Barclays on the 18th of January 2011. A fine of £7.7 MILLION was given to Barclays as they gave inadequate investment advice to their customers. Also in 2011, a fine of £1.12 MILLION was issued by the FSA to Barclays Capital for breaching client money rules.
2012 saw Barclays receiving a fine of £59.5 MILLION! This time, for significant failings in relation for London Interbank Offered Rate (LIBOR) and Euro Interbank Offered Rate (EURIBOR).
Earlier this year on 23th of May 2014, Barclays where fined another £26 MILLION, as they failed to control conflict between themselves and their customers.
On the 23rd of September 2014 Barclays where hit once again by the FCA with a fine of £38 MILLION. They breached City rules regarding clients, as they failed to keep their clients funds separate to their own.
Barclays PPI Claims
Receiving over 5 fines in the last five years, the total is a nail-biting £134 MILLION! A Financial Conduct Authority (FCA) member told The Times, ” We have fined Barclays more times then any other firm”.
With 81% of PPI complaints that were initially rejected by Barclays being overturned by the Financial Ombudsman Service (FOS), it’s clear that Barclays continue to treat valid customer complaints fairly.
The FOS have received over 26,000 new complaints in 2014 alone, with 66% of these being found in favour of the customers.
Barclays, like most other banks and lenders have mis-sold PPI.
If you’d like to start your own Barclays PPI claim today, then claim now!
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