Unlike on this facet of the Atlantic, what place the very concept of defending monetary customers is anathema and what place preying upon the hard-up and less-fortunate is an exceedingly lucrative line of business, within the U.Ok., turning the screws on clients in misery is against the law. Indeed, Britain’s Financial Conduct Authority goes as far as to require shopper credit score corporations to attempt to perceive their positions and, heaven forfend, show forbearance to clients struggling financially.
In observe, this implies British banks aren’t speculated to hammer individuals who miss funds, or proffer options that make their conditions worse. (Incredibly, we all know.) Of course, British banks are additionally not speculated to pay bribes or punish whistleblowers or manipulate markets, however this is Barclays we’re speaking about.
The Financial Conduct Authority mentioned Tuesday that between April 2014 and December 2018, Barclays and a few associates failed to assist some clients perceive the explanation behind missed funds and supplied options that have been unaffordable or unsustainable…. “Consumers should feel reassured that their lender will work with them to help resolve any financial difficulties, whereas Barclays’s poor treatment of its customers risked making these difficulties worse,” Mark Steward, the FCA’s director of enforcement and market oversight, mentioned in a press release. Barclays didn’t dispute the FCA’s findings, in accordance with the regulator…./Barclays mentioned that it has since applied adjustments to its techniques, processes and coaching. The financial institution additionally has repaid greater than £273 million to at the very least 1.53 million purchaser accounts since 2017….