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Barclays takes £700m hit over PPI
by Michelle Abrego on Oct 18, 2012 at 14:47
Barclays has set aside a further £700 million to cover the cost of payment protection insurance (PPI) mis-selling claims, saying it has experienced levels 'higher than previously anticipated'.
Barclays said that the £700 million was in addition to provisions of £1 billion and £200 million made in 2011 and the first quarter of this year respectively.
In a statement it said: ‘Based on claims experience to date and anticipated future volumes, the resulting provision includes Barclays' best estimate of expected costs of future PPI redress.’
On 31 October, the banking group will announce its third quarter interim management statement. It said it expected adjusted profit before tax, which includes the impact of PPI redress, to be around £1.7 billion.
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