Barclays fined $10 million over lack of card fees transparency

Follow us on Google News:

LONDON (Reuters) - Britain's Payment Systems Regulator (PSR) has fined Britain's Barclays bank 8.4 million pounds ($10.2 million) for failing to give retailers full information about card costs, the watchdog said on Thursday.

"It's vital that retailers and consumers get value for money on payment services – the interchange fee rules are an important part of making sure this happens," PSR Managing Director Chris Hemsley said in a statement.

"Barclays’ failure to be transparent with retailers about the fees they pay for card services meant retailers could have been missing out on better deals."

($1 = 0.8234 pounds)

(Reporting by Huw Jones; Editing by David Goodman)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles