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Barclays to pay up to GBP7.5 million compensation over IT outage

By Phoebe Seers ( March 6, 2025, 11:58 GMT | Insight) -- UK retail bank Barclays has said it will pay as much as 7.5 million pounds to compensate for a recent IT outage that saw customers denied access to services for as long as three days. The payment is significantly higher than any other made in similar circumstances over the past two years. Lawmakers today published figures showing that since January 2023, nine major banks and building societies have accumulated more than a month’s worth of IT outages.UK retail bank Barclays has said it will pay up to 7.5 million pounds ($9.6 million) in compensation over a recent IT outage that saw customers denied access to banking services for as long as three days. The payment is significantly higher than any other made in similar circumstances over the past two years. Lawmakers today published figures showing that nine major banks and building societies had accumulated more than a month’s worth of IT outages in that period....

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