Barclays reported a 33% drop in half-year profits to £2.6 billion after it took a £1 billion hit to cover compensation for customers who were mis-sold payment protection insurance.
The UK arm of Santander said today it had set aside more than half a billion pounds to cover the costs of mis-selling payment protection insurance (PPI) to its customers.
Banks have lifted their unilateral hold on complaints about the mis-selling of payment protection insurance (PPI) following their crushing defeat in the key judicial review.