Barclays : increases PPI provisions by up to 1.6 billion sterling

LONDON (Reuters) - Barclays on Monday said it expects to increase its provision for payment protection insurance (PPI) claims by 1.2 billion to 1.6 billion pounds ($1.5 billion to $2 billion).

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug. 29.

(Reporting by Lawrence White, Editing by Rosalba O'Brien)