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Barclays increases PPI provision to £2bn

Barclays Rain 480

Barclays has increased its provision for payment protection insurance redress by £700m, raising the total level to £2bn.

The bank announced it has experienced “higher than previously anticipated levels” of claim volumes since the end of the second half of the year.

The latest £700m injection is in addition to £1bn set aside in 2011 and a further £300m provision announced during the first quarter of this year.

A spokesman says: “Based on claims experience to date and anticipated future volumes, the resulting provision includes Barclays best estimate of expected costs of future PPI redress.

“Barclays will continue to monitor actual claims volumes and the assumptions underlying the calculation of its PPI provision.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. RegulatorSaurusRex 18th October 2012 at 3:25 pm

    Was the pension review the last of its kind?

    No PPI review?

    Why not?

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