According to Charlie Boyle, a Financial Reconciliations Team Leader, his department was crippled by a “political and target-obsessed approach” reflected on the numbers on the PPI claim taxations of interest that had many errors. According to Boyle, the figures might possibly have been misreported to Barclays board, including the Senior Officials of the company.
Barclays had agreed to make an investigation regarding the claim of the Team Leader. Boyle estimates that the clear-up operation may take at least two years despite the PPI claims fiasco possibly stopping in the next half decade.
Boyle described that the taxations of interest were “a haemorrhaging of exceptions”, which helped reduce the taxation of interest in the payments. He describe the working environment of Barclays as full of politics, back-biting and bullying by the Human Resources department. He said that the bank never valued its employees
The Taxation of Interest clause is when banks deduct tax on the interest of PPI payments to consumers. Barclays has systems to meet the requirements, and Boyle’s team, the Financial Reconciliations, will need to re-check if the right amount of tax was paid.
Barclays said that Boyle only voiced the matters regarding the taxation of interests upon his decision to leave.
