Barclays takes extra £700m hit for insurance mis-selling

British bank Barclays said Thursday that it will set aside another £700 million (€862 million) to compensate clients who were mis-sold insurance, taking its total bill to £2.0 billion.

“Barclays has experienced higher than previously anticipated levels of Payment Protection Insurance claim volumes since the end of the first half,” it said in a statement, adding that adjusted third-quarter pre-tax profits would stand at £1.7 billion.

via Business feed http://www.scmp.com/business/banking-finance/article/1064366/barclays-takes-extra-ps700m-hit-insurance-mis-selling