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Barclays set aside $A960m for PPI claims

Press AssociationPress Association 27/10/2016

Barclays has set aside an extra STG600 million ($A960 million) to meet compensation claims for mis-selling of payment protection insurance (PPI) in the third quarter.

The sum exceeds some banking expert estimates for STG500 million in the three months to September and brings the total provision over the past two quarters alone to STG1 billion, after STG400 million was put aside in the second quarter.

The banking industry's PPI bill already stands at more than STG30 billion ($A48 billion).

Britain's Financial Conduct Authority (FCA) has put a June 2019 deadline on claims in an effort to draw a line under what has been one of the biggest banking scandals in history.

Barclays' statutory profit before tax was up 35 per cent to STG837 million ($A1.3 billion) in the third quarter.

Chief executive James Staley said the bank had made "strong progress" in the quarter towards closing its non-core businesses and dealing with historical issues.

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