Barclays has increased its payment protection insurance (PPI) payouts pot following higher-than-expected complaint volumes in the first six months of 2012. As of September 30th, the company increased its fund for PPI refunds by £700 million to meet what the bank claims is the estimated cost of redress. This is in addition to the £1 billion provision the firm made in 2011, as well as the extra £300 million it earmarked in the first quarter of 2012. It elected to spend the £700 million to deal with the scandal by analysing the PPI claims it has received to date, as well as projected future volumes. Barclays Bank is to reveal its Interim Management Statement for the third quarter of 2012 on October 31st but predicts that the group's adjusted profit before tax will be broadly similar to the current market estimate of £1.7 billion. "The banks must set aside more money for PPI claims and make it easier for customers to get back what they are rightly owed," Which? chief executive Peter Vicary-Smith recently said. Charles Baker Charles is a reputed financial analyst with decades of experience under his belt.
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