Barclays follow Lloyds in preparing for PPI compensation pay-outs
The bank has ringfenced £1 billion as potential compensation and has said that it won’t be appealing against a court ruling decreeing that banks must redress customer complaints about PPI. Last week, Lloyds set aside £3.2 billion for the same reason.
You might have been mis-sold PPI if you have it but didn’t realise you were buying it, if you were told you had to buy it (you didn’t), or if you were sold it and it doesn’t even cover you (if you’re self-employed for example).
The British Bankers’ Association has also said that it won’t be appealing against the court ruling, meaning that more banks will be setting aside more money and compensating customers in what is quickly becoming the biggest banking scandal in recent memory.