Barclays has put aside an extra £700m to compensate customers for the mis-selling of payment protection insurance, bringing total provisions to £2bn.
Barclays is encouraging customers to review their protection needs and offering three months cash back to customers who buy a life insurance policy between 21 April and 1 June 2012.
Aviva and Legal & General are to provide life and general insurance products for Barclays Bank UK Retail customers.
It is perhaps not a little ironic that on the eve of deadline day for three major banking groups to resolve their pre-judicial review payment protection insurance (PPI) complaints, another possible ‘protection' mis-selling scandal is uncovered.
Peter Chadborn believes the Retail Distribution Review (RDR) may provide an opportunity for advisers to secure clients that banks cannot afford to service.
In September the Financial Ombudsman Service (FOS) published company specific complaints data for the first time while the ABI has published company aggregated data.