Barclays sets aside an extra £700m for PPI claims

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Barclays has set aside an extra £700m for mis-sold Payment Protection Insurance (PPI) claims it was revealed today. 

Yesterday Lloyds Banking Group revealed that they would be setting aside another £1bn for PPI claims and mortgage errors, £700m of which will cover mis-sold PPI.

Customers who were mis-sold PPI on products such as mortgages or loans have until 29 August 2019 to make a claim.

The news comes as Barclays reported £1.2bn losses in the first half of 2017, due to the sale of its business in Africa which it sold earlier this year as part of a global re-think.

Removing the losses from the Africa sale the banking groups pre-tax profit rose 13 per cent to £2.34bn.

Barclays chief executive Jes Staley said: “Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and, while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns.”

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