Barclays Bank has been forced to compose an apology letter to nearly 10,000 PPI customers for missing annual statements and breaching a CMA order.
Apology letters, sent to all affected customers, detailed the errors and offered to refund all payment protection insurance premiums plus 8% interest since the date of the first missed statement, to all those who cancel their policy as a result.
An investigation into PPI by the Competition Commission in 2011 confirmed that all customers must receive an annual statement detailing the cost of PPI and reminding them of their right to cancel.
A report in April 2015 of last year revealed that 52 PPI credit card customers had not received their annual statement.
Further investigations into this issue revealed that, over the last three annual statement periods, a total of nearly 9 and a half thousand PPI customers had not received their statements. As well as this over 500 customers on a specific mortgage PPI scheme had not received annual statements since the order came into force in 2012.
The CMA has sent a letter to Barclays about this breach of the order, requiring it to provide additional reporting on its controls to ensure that all such customers receive their statements in future.