FCA warns lenders over mistreating customers facing hardship during Covid crisis
Barclays has been hit with a £26m fine for poor treatment of more than 1.5 million struggling borrowers, prompting the City regulator to warn lenders over mistreating customers facing financial hardship during the Covid crisis.
Barclays was found to have mistreated business and personal customers who were in financial difficulties and fell behind on credit card and loan payments between 2014 and 2018. The Financial Conduct Authority (FCA) said the bank failed to properly contact customers who fell into arrears and did not have appropriate conversations about their individual circumstances.
