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Barclays increases mis-selling provisions

Barclays increases mis-selling provisions

Category: Banking

Updated: 12/06/2017
First Published: 05/02/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Barclays has increased the amount of money it has set aside to deal with mis-sold products to businesses and consumers by £1 billion.

The bank announced it will increase its provision for the mis-selling of payment protection insurance (PPI) to £2.6 billion, whilst the amount set aside to cover redress on the mis-sale of interest-rate hedges has been stretched to £850 million.

The UK's biggest banks, including Royal Bank of Scotland, HSBC and Lloyds Banking Group, have made provisions totalling at least £12 billion to cover compensating customers affected by the PPI mis-selling scandal.

Barclays, which is due to release its full year results on 12 February, has been embroiled in a number of scandals in recent months.

The bank's involvement in the fixing of inter-bank lending rates led to it incurring a record £290 million fine from UK and US regulators last June, which was closely followed by the resignation of its chief executive, chairman and chief operating officer.

What next?

Find out how to choose the best bank account by reading our banking guides.
Read our guide to independently claiming back PPI insurance

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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