An investigation has been launched at banking giant Barclays after a whistleblower warned of serious errors in the way taxation of interest paid to those handed payment protection insurance (PPI) compensation is being calculated.
The London Evening Standard reports that former contractor Charlie Boyle alerted the Financial Conduct Authority’s whistleblowing hotline to the issues and the bank subsequently launched an inquiry into the matter.
Boyle, who was a team leader handling financial reconciliations – or making the numbers add up – said his department was crippled by a 'political and target-obsessed approach'. He said that all too frequently those numbers contained errors, and that the figures could have been misreported to Barclays’ board, including the chief executive, Antony Jenkins.
He believes a clear-up of the operation could take at least two years – even if PPI complaints and claims were to stop tomorrow.
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