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Barclays sets aside additional £300m for PPI redress

Barclays has made a further £300m provision for PPI redress after experiencing an increase in claim volumes.

The bank initially made £1bn available to cover the potential cost of PPI-related compensation in May 2011.

According to a report in the Financial Times, Royal Bank of Scotland is also expected to increase its PPI provision when it announces its results next week.

The bank’s first quarter statement shows that between January 1 to March 31 this year, the group made a pre-tax profit of £2.4bn, up 20 per cent on the £2bn made in the first three months of last year. Its UK retail arm made a pre-tax profit of £334m in the first three months of 2012, up 15.9 per cent on the £288m reported last year.

Gross mortgage lending totalled £5.1bn in the first quarter, exactly the same as the same period in 2011. Lending to businesses totalled £5bn, compared to £4.5bn in the first quarter of last year.

The group has a core tier 1 ratio of 10.9 per cent as at March 31, a slight decrease from 11 per cent a year earlier.

During the first quarter the group says it has reduced its sovereign exposures to Spain, Italy, Portugal, Ireland and Greece by 16 per cent to £6bn. Spanish and Portuguese sovereign exposures stand at £2.2bn and £600m, respectively, while Italian exposure totals £3bn and Irish exposure totals £5.1bn. the bank says it has “minimal” exposure to Greece.



FSCS is taking action against Keydata IFAs

The Financial Services Compensation Scheme has started legal proceedings against firms which recommended Keydata Lifemark products. A letter sent on behalf of the FSCS by law firm Herbert Smith to 162 adviser firms says advisers failed to take reasonable steps to ensure Lifemark products were suitable for investors, failed to ensure investors understood the risks […]


LV= recruits Katherine Oxenham from Annuity Direct

LV= has appointed Katherine Oxenham as business development manager within its retirement solutions business. Oxenham joins the provider from Annuity Direct, where she was financial planning director. She will report to LV= head of distribution Steve Lewis. Lewis says: “With Katherine’s extensive experience as an adviser, she will play a key role in supporting LV=’s […]

S&P downgrades Spain’s credit rating

Standard & Poor’s has cut the long-term credit rating of Spain by two notches from A to BBB-plus citing deteriorating government finances as a result of a contracting economy and ailing banking sector. The ratings agency has also placed the country in negative outlook, meaning there could be further downgrades to come. The move means […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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