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Barclays sets aside extra £700m for PPI claims


Barclays has set aside an additional £700m as compensation for missold payment protection insurance.

In its half year results today, the bank says: “An additional charge of £700m has been recognised to reflect an updated estimated cost of PPI redress, primarily relating to an increase in expected future volume of claims.

“As at 30 June, the provision of £2.1bn represents Barclays’ best estimate of expected PPI redress. However, it is possible the eventual outcome may differ from the current estimate.”

The bank reported a pre-tax profit of £2.3bn.

Barclays group chief executive Jes Staley says: “Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns.”



Lloyds rebuffed over PPI advert complaint

The advertising regulator has rebuffed a complaint by Lloyds Banking Group that an advert about protection insurance mis-selling was misleading. Lloyds Banking Group is the firm with the highest bill for PPI mis-selling, at around £17bn. In February Lloyds complained to the Advertising Standards Authority about a tweet from claims management company Assured Legal Services. […]


PPI claims boss banned for ten years

The Department of Business has banned the director of payment protection insurance claims firm Claim & Gain for ten years for misleading customers and breaching regulations. Dean Anthony Spencer cannot form or manage a company until 4 April 2027. The Insolvency Service says Claim & Gain, led by Spencer, misled the public in sales calls […]


PPI claims boss banned for nine years by MoJ

The director of a rule-breaking claims management firm has been banned from running a company for nine years. Christopher Ross White was director of Swansea-based payment protection insurance claims firm Rock Law. The MoJ investigated Rock Law in October 2015 after hearing several customer complaints. It found the firm was breaking a swathe of claims […]

A guide to auction finance in 2017

By Matt Tooth, chief commercial officer, LendInvest Over the coming weeks, property auction houses across the country will begin sending out their catalogues to prospective buyers in time for the first auction series of 2017. It’s an exciting time for investors, well aware of the opportunities the properties on the lot sheets offer them and […]


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