Barclays set to pay customers £12.5m compensation after IT outages

sparky0138

https://www.thisismoney.co.uk/money/saving/article-14468109/Major-bank-set-pay-customers-12-5m-compensation-outages.html

eskbanker

I was in the midst of updating this thread when you posted that!

https://forums.moneysavingexpert.com/discussion/6587089/treasury-committee-demanding-answers-on-it-outages

MattMattMattUK

To put that in perspective that £12.5 million compensation is roughly 14 hours profit, or 0.14% of their annual profit. Their C-Suite will be more annoyed at having to attend the various regulatory and parliamentary committees than they will be by having to pay out £12.5 million. 

eskbanker

The equivalent figures for the other banks also provide perspective, the next highest being £350K!  The Barclays total is obviously skewed by the most recent outage, and I suspect that they may revise their figures for the previous ones too, as all they actually said was:

Q11. The amount of compensation that Barclays UK has paid to its customers due to IT failures over the last two years
In the time available to respond, our estimate is that levels of compensation for loss and inconvenience arising from these incidents is less than £5million

which covers a multitude of possibilities!