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Los Angelas, CA -- (SBWIRE) -- 02/07/2013 -- London-based Barclays PLC (NYSE:BCS) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. The Company’s operations include its overseas offices, subsidiaries and associates.
London-based Barclays PLC has kept aside an additional £1.0 billion ($1.6 billion) to meet the litigation expenditure pertaining to the dubious sale of financial products. The banking giant is under tremendous pressure from the British authorities over its scandalous activities.
Out of the amount, nearly £600 million is likely to be used for settling claims related to the sale of payment protection insurance (PPI), taking the total PPI provision to £2.6 billion. The remaining £400 million is set aside for resolving claims linked to the sale of interest rate swaps, bringing the total provision for swaps to £850 million.
Barclays has been flooded with compensation demands as most of the customers allege that the financial products were sold to them forcefully. For instance, PPI – an insurance product – were sold to customers as a means to keep paying their loans, mortgages, and credit card obligations in case they took ill or were unemployed. However, customers who bought it claim that the insurance was inappropriate and useless.
The doubtful sale of the complex financial products is not the only scandal faced by Barclays. In 2012, the company reached a $453 million settlement with both British and U.S. regulatory bodies over the manipulation of the London Interbank Offered Rate or LIBOR.
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