Belfast Telegraph

Barclays' PPI claims bill at £2bn

By Jamie Grierson

The bill for mis-sold payment protection insurance (PPI) at Barclays soared to £2bn as claims against the banking giant continue to pile up.

The embattled lender unveiled a further £700m hit following provisions of £1bn in 2011 and £300m in the first quarter of 2012.

The higher charge comes after the Financial Ombudsman Service warned that PPI complaints are on course to more than double the 165,000 that it had anticipated this year.

The majority of Britain's banks unveiled larger PPI provisions during the half-year results season - but Barclays did not reveal a further charge.

The higher PPI charge comes as Barclays fights to restore its reputation in the wake of a series of scandals, including the Libor-fixing affair and the mis-selling of interest rate swap arrangements.

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