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Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays has agreed to pay $97 million to settle the claims that it overcharged thousands of clients on advisory fees and mutual fund sales charges. Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed and collected excess mutual fund fees by leading clients into more expensive share classes.

“Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed.”

~ Bloomberg

Barclays agreed to settle the claims without admitting or denying the agency’s findings, and agreed to set a fair fund to return money to affected clients.

Related Reports: Bloomberg, Wall Street Journal

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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