Millions in compensation expected for those impacted by Barclays outages
Barclays is to pay millions in compensation for recent IT outages which prevented customers from banking.
The bank said it expects to pay between £5m and £7.5m in compensation to customers for "inconvenience or distress" caused by a payday outage earlier this year, the Treasury Committee of MPs said.
But the committee said when all information on outages over the last two years shared by the lender is taken into account, up to £12.5m could be paid.
The committee is investigating IT problems at all banks that prevent or limit customer access to banking.
Common reasons for IT failures included problems with third-party suppliers, disruption caused by systems changes and internal software malfunctions.
The Barclays glitch began at the end of January and lasted several days.
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