Barclays takes extra £700m hit for insurance mis-selling

PUBLISHED : Thursday, 18 October, 2012, 10:29pm
UPDATED : Thursday, 18 October, 2012, 10:33pm


British bank Barclays said Thursday that it will set aside another £700 million (€862 million) to compensate clients who were mis-sold insurance, taking its total bill to £2.0 billion.

“Barclays has experienced higher than previously anticipated levels of Payment Protection Insurance claim volumes since the end of the first half,” it said in a statement, adding that adjusted third-quarter pre-tax profits would stand at £1.7 billion.