Barclays To Withdraw From PPI Case

Barclaysis likely to withdraw from a legal battle over payment protection insurance (PPI),金融时报》reports. The case is being led by theBritish Bankers’ Associationover 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expected to take a hit of up to £1.4 billion when it announces its withdrawal.Lloyds Banking Group, which has already withdrawn from the PPI case, is expected to take a £3.2 billion charge to compensate customers.

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