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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
September
09,2019
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No
x
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b):
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
EXHIBIT
INDEX
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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|
(Registrant)
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Date:
September 09, 2019
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By: /s/
Garth Wright
--------------------------------
|
|
Garth
Wright
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|
Assistant
Secretary
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Update on Payment Protection Insurance
Barclays PLC ("Barclays") is today providing an update on its provision
in relation to payment protection insurance ("PPI") redress.
As indicated in the Barclays Interim Results Announcement for the
six months ended 30 June 2019, Barclays had recognised cumulative
provisions of £9.6bn in relation to PPI redress. Utilisation
of the cumulative provisions to 30 June 2019 was £9.2bn,
leaving a residual provision of £360m.
In line with wider industry experience, Barclays has received a
significantly higher than expected volume of PPI-related claims,
enquiries and information requests during August, with a further
spike in the final days leading up to the complaints
deadline.
The processing of PPI-related claims, enquiries and information
requests is ongoing. However, Barclays expects to increase its
provision for PPI redress in its Q3 2019 Results by between
£1.2bn and £1.6bn, which takes into account
investigations and queries by the Official Receiver. This
provisional cost impact is preliminary and unaudited. The final
outcome could be above or below the estimated range and will depend
on a number of factors including the quality of recently submitted
claims.
At this level of provisioning Barclays expects to be at the Group's
target CET1 ratio of c.13% at year-end.
- ENDS -
For further information, please contact:
Investor Relations
|
Media Relations
|
Lisa
Bartrip
|
Tom
Hoskin
|
+44 (0)
20 7773 0708
|
+44 (0)
20 7116 6927
|
About Barclays
Barclays is a transatlantic consumer and wholesale bank, offering
products and services across personal, corporate and investment
banking, credit cards and wealth management, with a strong presence
in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays
operates in over 40 countries and employs approximately 83,500
people. Barclays moves, lends, invests and protects money for
customers and clients worldwide.
For further information about Barclays, please visit our website
home.barclays
Forward-looking statements
This announcement contains certain forward-looking statements
within the meaning of Section 21E of the US Securities Exchange Act
of 1934, as amended, and Section 27A of the US Securities Act of
1933, as amended. Barclays cautions readers that no forward-looking
statement is a guarantee of future performance and that actual
results or other financial condition or performance measures could
differ materially from those contained in the forward-looking
statements. These forward-looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Forward-looking statements use words such as 'may', 'will',
'seek', 'continue', 'aim', 'anticipate', 'target', 'projected',
'expect', 'estimate', 'intend', 'plan', 'goal', 'believe',
'achieve', or other words of similar meaning. These statements and
estimates are based on the current assumptions, beliefs and
expectations of Barclays' management. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances.
Subject to our obligations under applicable law and regulation, we
undertake no obligations to update publicly or review any
forward-looking statements, whether as a result of new information
or otherwise.
The reader should, however, consult any additional disclosures that
Barclays has made or may make in documents it has published or may
publish via the Regulatory News Service of the London Stock
Exchange and/or has filed or may file with the US Securities and
Exchange Commission.
MAR - Inside Information
This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No
596/2014.