Barclays has said that it will pay out compensation to everyone who it mis-sold Payment Protection Insurance (PPI) and placed a complaint before April 20. Customers will be reimbursed the full value of their premiums plus 8% interest.
Barclays have said that they are the first bank to pay out PPI claims on a 'no-quibble' basis.
"We can confirm that we are contacting customers whose complaint was put on hold on or before 20 April with an offer to settle their complaint in full as a gesture of goodwill," the bank said.
Which? chief executive Peter Vicary-Smith welcomed Barclays' move.
"It's fantastic to see Barclays stepping up in this way, acknowledging their mistakes and refunding customers what they're owed, no questions asked," he said. "Hopefully this will have a domino effect and other banks will follow suit," he added.
For advice on reclaiming PPI visit our Payment Protection Insurance page.
