Barclays Sets Aside Another £1.4B For Misselling Claims

Law360, London (October 25, 2019, 1:17 PM BST) -- Barclays announced Friday it has set aside a further £1.4 billion ($1.8 billion) for wrongly selling payment protection insurance after a flood of claims in the run-up to the August deadline for seeking compensation, taking a chunk out of the lender’s latest profits.

The lender had already warned that it would have to put aside extra provisions to cover last-minute claims. But Barclays boss Jes Staley has admitted that the bank was still surprised by the “avalanche” of complaints.

“We were not expecting a provision of close to £1.5 billion to settle the final PPI claims — and imagine our capital...

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