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Bank claim: Barclays sets a further £1bn aside for compensation payouts

Barclays have announced that they have set aside an extra £1 billion to cover the cost of mis-sold payment protection insurance (PPI) and Interest Rate Hedging Products (IHRP).

They have set £600 million of these provisions aside for mis-sold PPI, bringing their total provisions for PPI claims to £2.6 billion.

One of the main reasons for the increase in the provisions for PPI claims is as a result of the level of PPI complaints in the last quarter of 2012 being much higher than previously predicted.

It was revealed that a number of IRHP products, or interest-swap rates, had been mis-sold to small to medium-sized businesses in a pilot review and a report from the Financial Services Authority (FSA).

The FSA report said that, in 90 per cent of the cases tested, the products did not comply with regulatory requirements. As a result, Barclays set aside £400 million to pay for claims into any mis-sold IRHP products.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801534927-ADNFCR

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