Connect with us

Hi, what are you looking for?

Editor’s Pick

Barclays fined £8.4m after shops lose out on card fees

Barclays has been fined £8.4 million by the payments industry watchdog for failing to be transparent with retailers about the fees they were being charged to use its card services.

The Payments Systems Regulator (PSR) said the FTSE 100 bank had breached the so-called interchange fee rules between the end of 2015 and 2018. “During this time Barclays processed a third of all card payment transactions in the UK, meaning thousands of retailers and transactions were affected,” it said.

Barclays had fallen short of requirements to give retailers full information about the costs of card services it supplied, the regulator added.

“When paying by card, retailers have to pay fees to accept the payment and these fees can be passed on to consumers through higher prices,” it said.

“Barclays’ failure meant retailers weren’t fully aware of the fees they were paying so could not effectively compare prices of card services, shop around to find cheaper deals, or negotiate the best deal with Barclays, which could have ultimately saved them and their customers money.”

The bank said it had “fully co-operated with the PSR’s investigation”.

The fine is another setback for Barclays and its boss Coimbatore Sundararajan Venkatakrishnan, who is known as Venkat and took charge of the bank a year ago. During his tenure, Barclays has been hit with a $361 million penalty by US regulators over a blunder at its structured products division that resulted in $17.7 billion more securities being issued by the bank than it had permission for.

The Financial Conduct Authority in October said it was planning to fine Barclays £50 million for “reckless” conduct during a fundraising it undertook with Qatari investors at the height of the 2008 financial crisis.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Egg vendors arrange their products for sale at a store along Blumentritt in Manila, Jan. 26. Filipinos are grappling with soaring prices of food,...


ICC prosecutor authorized to reopen Philippines drug war investigation – BusinessWorld Online ...


Photo via freepik The past years saw climate change, defined by World Health Organization (WHO) as “the change in climate in time due to...


At Christmastime, monster waves and winds battered the 23-year-old Tubbataha Ranger Station. (Inset photo) Metro Pacific Investments Foundation, Inc. committed to provide an additional...

News The Department of Transportation (DoTr) has one of the most illustrious histories of public service, having been founded under the Malolos Constitution on...


The ongoing LRT-1 Cavite Extension project, which is expected to reduce travel from Baclaran to Bacoor, Cavite from one hour to 25 minutes Transport...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.