Barclays ups mis-selling provisions by £1bn

Barclays said this morning it had increased its mis-selling provisions by £1bn to cover possible interest rate hedging products (IRHP) and payment protection insurance (PPI) claims.

Following a pilot review, the bank has upped its provision for IRHP mis-selling claims by £400m. It has put a total of £850m aside so far for IRHP mis-selling, of which £36m has been paid out.

PPI provision has been increased by a further £600m, bringing the total to £2.6bn.

Barclays will include the provisions in its full-year results, to be released next week.