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Barclays agrees compensation deal for ING Direct customers

by: IFAonline
  • 14/03/2013
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Barclays agrees compensation deal for ING Direct customers
Barclays Bank has agreed to compensate some customers affected by its takeover of ING Direct UK, if the move compromises savers' protection under the Financial Services Compensation Scheme (FSCS).

Barclays took on ING’s £10.9bn deposits and £5.6bn mortgage book earlier this month after agreeing a deal in October last year. The move will involve the transfer of 750 ING Direct staff and 1.5 million customers to the bank.

It is possible that an individual’s total savings, once their ING accounts are added to any held with Barclays, could exceed the £85,000 cover they are provided by the FSCS.

If that is the case, Barclays has agreed it may compensate people for any interest they lose if they choose to move money to reduce the combined balance of savings they now hold with Barclays.

It has also agreed not to impose any fees or charges for making a transfer, including if savers choose to exit one of its accounts before the fixed term ends.

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