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Barclays launches investigation into PPI calculation errors


16th April 2014

Former contractor Charlie Boyle alerted the Financial Conduct Authority’s whistleblowing hotline to the issues and the bank subsequently launched an inquiry into the matter.

Mr Boyle, who was a team leader handling financial reconciliations – or making the numbers add up – said his department was crippled by a “political and target-obsessed approach”.  He said that all too frequently those numbers contained errors, and that the figures could have been misreported to Barclays’ board, including the chief executive, Antony Jenkins.

He believes a clear-up of the operation could take at least two years – even if PPI complaints and claims were to stop tomorrow.

In emails sent to senior Barclays figures, he described what he said was a “haemorrhaging of exceptions” over the taxation of interest payments. The team handling tax at source, he said, was not recruited or up to speed until late February, after HM Revenue & Customs changed the way the tax on PPI compensation interest was handled in October. 

Source: Evening Standard

Real Time Claims are already undergoing an investigation into all our claims against Barclays. We will be in contact with Barclays and will progress this to the Financial Ombudsman Service if necessary.

Posted in PPI, Barclays, Financial Ombudsman Service, Financial Conduct Authority, PPI Compensation

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