How to calculate redress from Barclycard? 24 February at 9:27PM in Credit Cards 5 replies 211 views

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 

zx81

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

@zx81 thanks.  Do you have any views on what the criteria are likely to be? 

Farfetch

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

Farfetch

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