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Barclays apologises as banks ditch PPI appeal.

May 9, 2011
One of the UK banking industry's most serious mis-selling scandals in decades is drawing to a close, after the banks abandoned their legal challenge against compensating customers who were mis-sold payment protection insurance.

Barclays became the first of the major UK banks to apologise for its role in the £9bn debacle as the British Bankers Association announced on Monday morning that it is dropping its appeal against tougher controls on how PPI is sold.

With the legal battle over, UK banks will now begin in earnest the task of identifying victims and making redress.
The move comes just four days after Lloyds Banking Group stunned the City by putting £3.2bn aside to cover compensation claims relating to PPI, which was wrongly sold to millions of customers since the late 1990s. This was roughly double the previous estimate.

Source : The Guardian page 22 - 09.05.11. Also reported in Daily Express page 44, Daily Mail page 64, The Daily Telegraph page B1 and Financial Times page 2.

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