Barclays PLC (LSE:BARC) is reportedly gearing up to pay out millions of pounds in compensation to customers over recent online banking outages.
Some £5 million to £7.5 million was expected to be paid for “inconvenience or distress” caused by the issue earlier this year, a Sky News-cited letter to MPs said.
Several days of disruption from the end of January coincided with many customers’ paydays and the self-assessment tax returns deadline.
Barclays noted 56% of its online payments failed as a result of the glitch in the letter, which was sent to the Treasury Committee.
Combined with outages over the past two years, some £12.5 million could be paid in compensation, according to Sky.