Barclays ups mis-selling provision

Feb 5 2013

Banking giant Barclays has increased its provisions to cover two mis-selling scandals by another £1 billion.

The banking giant will set aside a further £600 million for redress to cover mis-sold payment protection insurance, taking the current total to £2.6 billion.

And in the wake of the City watchdog's study into interest rate swap products sold to small and medium-sized businesses, Barclays will increase its provision in this area by £400 million to £850 million.

Last week, Barclays' new chief executive, Antony Jenkins, said he would waive his bonus for 2012 after a "very difficult" year for the scandal-hit bank.