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Barclays PPI Bill Rises By A Further £900m

Barclays bank has revealed that it is to add a further £900 million to its PPI compensation fund. This news from Barclays follows on from the announcement of half-year adjusted profits of £3.35 billion, a 7% decline on forecasts. This latest addition in PPI provisions takes the overall cost to Barclays’ of compensating PPI victims to £5 billion – barely scratching the surface of the money made selling insurance customers did not need.

The image of Barclays is still suffering in the eye of the consumer, especially after the firm’s bonus pay-outs were up 10% in 2013, regardless of the fact that both revenue and profits fell. On top of this, Barclays revealed it would be shedding 19,000 jobs worldwide – perhaps their priorities are slightly askew. In other news, Barclays is making a formal step away from the Bob Diamond era of big investment banking as evidenced by almost 50% decline in revenue in the investment arm of the organisation.

Increased Fund

The increased fund for PPI claims comes after the tapering of numbers claiming PPI has not turned out to be as dramatic as expected by the banks. More PPI claims are being made from the years prior to 2005, a trend which has bankers rattled and likely to renew calls for a cut-off point for scammed customers to claim PPI. Barclays have this week followed the lead of Lloyds Banking Group, who added a further £500 million to their PPI compensation fund.

It’s great to see the banks are still putting money aside to be reclaimed by the innocent victims of bankers’ greed. If you were mis-sold PPI, your money is waiting for you. Millions of people are yet to claim PPI, and if you feel you may have a claim it is important to get in touch with a reputable Claims Management Company who can work through the process and win back what is rightfully yours. Your Money Claim have expertise and a proven track-record when it comes to beating the banks; why not get in touch via email, telephone or our live chat facility to see what they can do for you?

Barclays PPI bill

Barclays PPI bill

About the author

Daniel Lee

Company Director

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