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| Barclays to refund at least 300,000 borrowers | Barclays to refund at least 300,000 borrowers |
| (about 1 hour later) | |
| Barclays Bank is to refund at least 300,000 personal loan customers because it made mistakes on their paperwork. | Barclays Bank is to refund at least 300,000 personal loan customers because it made mistakes on their paperwork. |
| Lending rules say that if mistakes are made in loan paperwork, all interest paid must be returned. | Lending rules say that if mistakes are made in loan paperwork, all interest paid must be returned. |
| The errors date back to October 2008. The bank said it would contact the affected customers. | The errors date back to October 2008. The bank said it would contact the affected customers. |
| Barclays said it was now investigating whether similar mistakes had been made in other parts of the business such as Barclaycard. | Barclays said it was now investigating whether similar mistakes had been made in other parts of the business such as Barclaycard. |
| The errors on statements and arrears notices were mentioned with the bank's annual results in February, when it reported that income from retail and business banking had "declined 4% to £1,086m primarily due to provisions taken to remedy historical interest charges incorrectly applied to customers". | The errors on statements and arrears notices were mentioned with the bank's annual results in February, when it reported that income from retail and business banking had "declined 4% to £1,086m primarily due to provisions taken to remedy historical interest charges incorrectly applied to customers". |
| More details were given on Monday in a prospectus that the bank put out as part of its attempts to raise £5.8bn in new capital from investors. | More details were given on Monday in a prospectus that the bank put out as part of its attempts to raise £5.8bn in new capital from investors. |
| 'Secret payments' | |
| In a statement, Barclays said: "whilst no-one has been mis-sold to, customers are entitled to have their interest payments returned". | In a statement, Barclays said: "whilst no-one has been mis-sold to, customers are entitled to have their interest payments returned". |
| "No customer will pay more than they were ever contractually expected to." | "No customer will pay more than they were ever contractually expected to." |
| Also in Monday's prospectus was news that Barclays is facing a £50m fine from the Financial Conduct Authority (FCA) for its 2008 investment deal with Qatari investors. | |
| The FCA accused the bank of agreeing £322m in secret payments to investors to gain their support for a previous share issuance, worth just over £5bn, taken up in 2008 by Qatar Holding, part of the state-owned investment authority of Qatar. | |
| The problems are the latest in a catalogue of problems for the bank including: |