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PPI claim: Barclays has paid out £1.6 billion of provisions

Barclays has paid out £1.6 billion of the provisions it set aside to pay for the mis-selling of its products, the Press Association reported.

The bank previously reported that it had received and processes over a million payment protection insurance (PPI) claims but roughly only 39 per cent had been upheld.

For valid PPI claims, the average pay out from Barclays is £2,750.

In total, it expects to receive 450,000 claims started by customers although it could not predict the amount of future claims and said it may need to scale provisions up or down to pay for them.

Feeling that the bank’s reputation had been damaged through scandals such as mis-sold PPI and Libor rigging, chief executive Antony Jenkins has announced plans to clean up the bank this year. Earlier this month he also announced that he was raising PPI provisions by £600 million.

Collectively, all banks in the UK have set aside over £10 billion to pay for claims on mis-sold PPI.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801539856-ADNFCR

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