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BREAKING NEWS

Barclays increases PPI provisions by up to 1.6 billion sterling

Barclays increases PPI provisions by up to 1.6 billion sterling
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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LONDON (Reuters) – Barclays <BARC.L> on Monday said it expects to increase its provision for payment protection insurance (PPI) claims by 1.2 billion to 1.6 billion pounds ($1.5 billion to $2 billion).

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug. 29.

(Reporting by Lawrence White, Editing by Rosalba O’Brien)

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