Banking giants to set aside further millions for PPI compensation

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Barclays will be among a number of major banks this week to set aside further money to compensate customers mis-sold payment protection insurance (PPI) and interest rate swaps, according to reports.

The banking giant will make extra provisions for customers who were mis-sold PPI and interest rate derivatives, while it will also make first-time provisions for those mis-sold identity theft cover through its credit card insurer CPP, according to Sky News. Barclays - one of the banks worst-hit by the mis-selling scandals - has already set aside £2.6bn provision for PPI redress and about £850m related to sales of swap products. Its bill for the latter is expected to swell beyond £1bn. With results season in full swing this week, Lloyds Banking Group and others are also expected to ann...

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