Barclays is likely to withdraw from a legal battle over payment protection insurance (PPI), Financial Times reports. The case is being led by the British Bankers’ Association over PPI, a form of loan cover that was sold to clients who did not realise they were buying it or who would not have been able to claim under their policies.
London-based Barclays is expected to take a hit of up to £1.4 billion when it announces its withdrawal. Lloyds Banking Group, which has already withdrawn from the PPI case, is expected to take a £3.2 billion charge to compensate customers.
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