OFT welcomes Barclays' refund to customers

The Office of Fair Trading has said it welcomes Barclays' move to ensure that customers who have taken loans with the bank are fully compensated following a costly technical error.

Next month, Barclays will shell out £100 million and repay more than 300,000 customers with a refund of hundreds of pounds each after the bank admitted it had incorrectly charged interest.

We urge other lenders to make sure they are complying with their legal obligations under the Consumer Credit Act and take remedial action if necessary.

We urge other lenders to make sure they are complying with their legal obligations under the Consumer Credit Act and take remedial action if necessary.

– OFT spokesman

Read: Barclays admit errors over paperwork inaccuracies

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Barclays blunder costs £100m

A £100m paperwork error made by Barclays will result in more than 300,000 customers who have taken loans with the bank each receiving a refund for hundreds of pounds.