Barclays shares dip after £1bn PPI provision

Shares in Barclays were off around 1% in early trading after it abandoned its legal challenge against PPI mis-selling and set aside £1bn to cover customer redress and administration costs.

Barclays said it will not attempt to appeal against the High Court judgment last month which dismissed the action brought by the British Bankers' Association (BBA) regarding the assessment and redress of PPI complaints. Its decision comes two days after Lloyds said it will pull out of legal action. Royal Bank of Scotland and HSBC will now be left to fight on alone. In reaction shares were down 2.55p or 0.92%, at 275.05p. Barclays CEO Bob Diamond said in a statement: "We have taken this decision because it is in the best interests of our customers, as well as for Barclays and its sh...