How to calculate redress from Barclycard?

Humdinger1

Hello; as reported on MSE, BC has been ordered by the FCA to pay compensation to customers it treated unfairly between 2014 and 2018. I now have all records requested under an SAR from that time.   I'm wondering how to work out what is due.  Is it all 8% interest per year as with PPI added to over limit and similar fees? Thanks for any light anyone can throw on this.  Humdinger 

[Deleted User]

It depends on the nature of the breach and the compensation.

It may just be a flat sum for everyone if the sums are small.

Humdinger1

@Deleted_User thanks.  Do you have any views on what the criteria are likely to be? 

[Deleted User]

Honestly, don't waste time on this - the FCA will tell BC to repay whatever and you will not be able to challenge it regardless of what paperwork you have. They will pay a fixed redress based on whatever criteria the FCA set - any offer is final, it's not something you negotiate.

Humdinger1

Ok thanks @Farfetch

[Deleted User]

Banks have been fined lots of money for mishandling complaints e.g. Cheltenham's PPI cover-up, they won't risk it for refunds of what may be fairly small amounts (in their terms) - big money is in shorting Game Stop these days