Anticipated Compensation for Barclays Customers Affected by Outages

Barclays is projected to compensate customers impacted by technology outages in the past two years with up to £12.5 million, as detailed in a letter sent to MPs. The bank anticipates allocating between £5 million and £7.5 million for a recent outage and an additional £5 million for previous incidents spanning from January 2023 to January 2025. Barclays clarified that the outages resulted from a software issue in the bank's UK mainframe operating system and were not a result of a cyber attack. Customers affected by the outages can expect direct communication concerning compensation.