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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 191.14
Bid: 190.66
Ask: 190.72
Change: -1.10 (-0.57%)
Spread: 0.06 (0.031%)
Open: 192.56
High: 193.44
Low: 190.24
Prev. Close: 192.24
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Banks cave in over PPI

Mon, 09th May 2011 14:45

The banking industry has admitted defeat in its legal battle over the mis-selling of payment protection insurance (PPI).The British Bankers' Association (BBA) announced on Monday it would not appeal against a ruling by the High Court in favour of tough new rules on selling PPI.Several million people could now be in line for compensation after being sold PPI they didn't need or found they could not actually claim on.PPI is supposed to cover loan repayments if the policy holder cannot do so, for example, after losing their job, falling ill or suffering an injury.The banks took City regulator, the Financial Services Authority (FSA), and the Financial Services Ombudsmen to court arguing it was unfair that new rules on PPI would apply to policies sold before the regulations came into force.Thousands of claims of mis-selling had to be put on hold until judges in the High Court rejected this argument last month.Both Lloyds and Barclays have already said they would not contest the High Court's decision and are setting aside £3.2bn and £1bn respectively to deal with potential claims.The Royal Bank of Scotland says it is reviewing how it handles PPI claims.It is unclear how much individual claims could be worth but the FSA has estimated those who were mis-sold PPI and paid upfront single fee premiums could be in line for up to £1,800 on average.It estimates those who paid in instalments could claim an average of £900.Peter Vicary-Smith of the consumers' association Which? said it was a colossal error of judgment by the BBA to have brought this case in the first place."[It] has even further diminished the banking industry's reputation in the eyes of consumers," he said."PPI was mis-sold and complaints about it mishandled on an industrial scale for well over a decade. There could still be huge numbers of people out there who were duped into buying PPI and unaware they can make a claim," Vicary-Smith added.---mm
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UK earnings, trading statements calendar - next 7 days

Friday 19 April 
888 Holdings PLCTrading Statement
Man Group PLCTrading Statement
Monday 22 April 
Brave Bison Group PLCFull Year Results
Elixirr International PLCFull Year Results
Frenkel Topping Group PLCFull Year Results
Mobico Group PLCFull Year Results
South32 LtdQ3 Results
Ten Lifestyle Group PLCHalf Year Results
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Alliance Pharma PLCFull Year Results
Alphawave IP Group PLCFull Year Results
Anglo American PLCTrading Statement
ASA International Group PLCFull Year Results
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Eleco PLCFull Year Results
GB Group PLCTrading Statement
Jupiter Fund Management PLCTrading Statement
Maintel Holdings PLCFull Year Results
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Taylor Wimpey PLCTrading Statement
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Ecora Resources PLCTrading Statement
Fresnillo PLCTrading Statement
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Nichols PLCTrading Statement
PensionBee Group PLCFirst Quarter Results
PZ Cussons PLCTrading Statement
Reckitt Benckiser Group PLCTrading Statement
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Star Energy Group PLCFull Year Results
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Tracsis PLCHalf Year Results
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Barclays PLCQ1 Results
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Inchcape PLCTrading Statement
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