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Barclays sets aside another £1bn for mis-selling redress

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Barclays sets aside another £1bn for mis-selling redress

Barclays has set aside a further £1 billion to pay redress to customers mis-sold payment protection insurance (PPI) and interest rate swaps.

Barclays had previously made a provision of £450 million for interest rate swap redress, but announced a further £400 million had been put aside following the findings of a recent Financial Services Authority probe, and the onset of its own internal review.

The bank also announced plans to set aside a further £600 million for PPI redress, bringing its cumulative PPI provision to £2.6 billion.

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