The U.K. Financial Conduct Authority (FCA) on Tuesday fined Barclays Bank and its related units £26 million (U.S. $34.8 million) for poor treatment of consumer credit customers experiencing financial hardship.
According to the FCA, between April 2014 and December 2018, Barclays “failed to treat customers fairly or to act with due skill, care, and diligence” by not following its contact policies for customers who fell into debt; failing to have appropriate conversations with customers to help understand the reasons for the debt; and by failing to properly understand customers’ circumstances, leading it to offer unaffordable forbearance solutions.
