Barclays sets aside funds to deal with insurance news controversy

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Barclays continually caught in scandal Major British bank Barclays has announced that it will be setting aside approximately $1.1 billion in funds to mitigate the financial impact of its inappropriate sale of insurance to consumers. Earlier this year, Barclays was steeped in a rate-rigging scandal that damaged the company’s reputation. In the wake of this insurance news scandal, the bank purchased nearly $1.7 billion worth of payment protection insurance for its employees. Now, the company is setting aside funds in case it receives more claims concerning inappropriate sales of insurance…

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