The Daily Mail today claimed victory in its two-year campaign to help those sold dodgy investments by Barclays Bank.
The Financial Services Authority yesterday fined Barclays £7.7m and ordered it to repay up to £60m to the often elderly customers who it duped into losing their savings.
The Mail started campaigning on the issue in April 2009 because, it said, Barclays was not taking the issue seriously.
Money Mail sent a dossier of evidence about the mis-selling scandal to the Financial Services Authority: This included evidence from readers, whistleblowers and documents which proved that the supposedly ‘safe’ investment funds were in fact classified internally as high risk.
A spokesman for the FSA acknowledged the role of the Daily Mail saying: “The information Money Mail provided to the FSA was very useful and we considered it alongside our own findings when deciding whether to investigate.”
The Mail notes that the fine Barclays is paying out is less than the £8m bonus paid to Barclays chief executive Bob Diamond – who ran the unit of the bank which was found guilty of mis-selling.
More on the Daily Mail campaign victory here: HUMBLING OF A BANKING GIANT.