Correspondence
CMA takes action against Barclays for breaching the PPI Order
Competition and Markets Authority (CMA) finds that Barclays has breached the Payment Protection Insurance Market Investigation Order 2011, and Barclays will make payments of around £1 million to affected customers.
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The Payment Protection Insurance (PPI) Market Investigation Order requires PPI providers to send an Annual Review of a customer’s policy to them on an annual basis. Barclays failed to send Annual Reviews to up to 1,306 of its former Mortgage Payment Protection Insurance policyholders between 2014 and 2017. Barclays is taking steps to remediate affected policyholders and the total remediation package is expected to amount to around £1 million.