According to the Treasury Select Committee (TSC) of MPs, Barclays is expected to pay out between £5 million and £7.5 million for the ‘inconvenience or distress’ of this year’s outages, on top of £5 million for other issues between January 2023 and February 2025.

Barclays is preparing to pay millions of pounds out in compensation after a series of technical issues left customers unable to access their money. Problems meant people were unable to pay bills or receive money on a number of occasions over the past two years.

Barclays expects to pay up to £7.5mn in compensation to customers after an outage at the UK bank meant that more than half of its payments failed over a three-day period last month. The bank said in a letter to the Treasury select committee — which on Thursday published the findings of a probe into the largest UK banks’ IT outages in the wake of the Barclays incident — that it expected to pay between £5mn and £7.