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Barclays fined GBP26 million by UK FCA over poor treatment of struggling customers

( December 15, 2020, 10:47 GMT | Official Statement) -- MLex Summary: Barclays Bank has been fined 26 million pounds (around $35 million) by the UK financial services regulator for poor treatment of consumer credit customers who've experienced financial difficulty. The Financial Conduct Authority handed the penalty to the UK banking giant for failing to treat customers fairly between April 2014 and December 2018, and for not rectifying the issues due to systems and control failings despite identifying the problems in 2014. Specifically, the bank failed to help understand customers’ reasons for falling into arrears and did not offer affordable or sustainable solutions. Barclays qualified for a 30 percent discount in the financial penalty after agreeing to settle the case.The statement follows. The final report is attached....

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