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Barclays follows Lloyds in dropping PPI legal fight
Originally posted by 5corpio
Banks still considering appeal on PPI
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The banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).
The British Bankers' Association, which fought the case, said it would not appeal after losing a court challenge against new rules on mis-selling.
Separately, Barclays Bank said it had set aside £1bn to pay PPI compensation, and RBS said it would not contest the court ruling.
Last week, Lloyds Banking Group made a £3.2bn provision for possible claims.
PPI policies are supposed to cover loan repayments if someone falls ill, has an accident or loses their job.
But the policies were mis-sold, many to self-employed or unemployed people who would not have been able to claim, and to consumers who did not realise they were taking out a.........Read more HERE
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