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(Correcting that Barclays will pay customers up to £1 million, not £1.9 million.)
UK Competition & Markets Authority on Wednesday said Barclays PLC will pay out up to £1 million for payment protection insurance breaches effecting more than 1,000 customers.
The news comes after CMA found the bank failed to provide customers of PPI information.
Barclays shares were down 0.6% at 153.26 pence on Wednesday afternoon in London.
Under the CMA PPL order, PPL providers must send reminders to customers, which specify the clear cost of their policy, the type of cover, and the right to cancel.
But Barclays was found to have failed to send reminders to up to 1,306 of its former Mortgage Payment Protection Insurance policy holders between 2014 and 2017.
CMA said these customers had moved house and notified Barclays of their new address, but the bank "failed to act properly on this information, with affected customers not receiving reminders". These customers held both a mortgage and an associated PPI policy with Barclays.
Barclays only discovered this breach in late 2021.
CMA Director of Remedies, Business and Financial Analysis Adam Land said: "Barclays will pay customers up to £1 million after breaching the CMA‘
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