Bank’s £1m PPI bill

BARCLAYS will pay out £1 million in customer refunds because of mistakes it made over its payment protection insurance (PPI) policies, the UK’s competition watchdog has said.

The banking giant will pay an average of £750 to up to 1,306 customers who were affected by the breach between 2014 and 2017.

The Competition and Markets Authority (CMA) said that Barclays failed to send a reminder to mortgage customers with PPI policies.