02:44 ET<\/span><\/span><\/p>\nThe banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).<\/p>\n
The British Bankers’ Association, which fought the case, said it would not appeal after losing a court challenge against new rules on mis-selling.<\/p>\n
In a separate announcement, Barclays Bank said it had set aside \u00a31bn to pay PPI compensation.<\/p>\n
Last week, Lloyds Banking Group made a \u00a33.2bn provision for compensation claims.<\/p>\n
Royal Bank of Scotland and HSBC have yet to make a statement on PPI, but analysts believe they will now follow Barclays and Lloyds.<\/p>\n
PPI policies are supposed to cover loan repayments if someone falls ill, has an accident or loses their job.<\/p>\n
But the policies were mis-sold, many to self-employed or unemployed people who would not have been able to claim, and to consumers who did not realise they were taking out a policy.<\/p>\n
Last month the High Court ruled that the banks were at fault.<\/p>\n
In a statement the BBA said: “In the interest of providing certainty for their customers, the banks and the British Bankers’ Association have decided that they do not intend to appeal.”<\/p>\n
Separately, Barclays chief executive Bob Diamond said the bank would now begin the process of compensating customers.<\/p>\n
“We don’t always get things right: when we get them wrong, we apologise and put them right,” he said.<\/p>\n<\/div>\n
Read more:
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