Bank makes extra provision to pay compensation for mis-sold payment protection insurance as it reports fall in profits
The cost of the payment protection insurance scandal continues to mount after Barclays took another £600m hit to pay compensation to customers who were mis-sold the insurance product.
The extra provision, announced as the bank reported a 10% fall in nine-month profits, takes Barclays’ claims cost to £8.4bn. The total bill for the industry is likely to hit £40bn.
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