Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a658278

Barclays' FSCS bill more than doubles to £156m

by Sarah Miloudi on Feb 12, 2013 at 09:45

Barclays' FSCS bill more than doubles to £156m

Barclays' Financial Services Compensation Scheme (FSCS) bill has more than doubled to £156 million.

The bank revealed the rise in its final results for 2012, a year in which the lender has been hit by a number of scandals including Libor manipulation and a probe of its 2008 cash call at the peak of the financial crisis.

Despite these challenges, Barclays increased its adjusted pre-tax profit by 26%, with corporate and investment banking profits rising 46% and wealth management profits jumping 52%.

While Barclays chief Antony Jenkins toasted the bank's wealth division - where high net worths helped drive a rise in income - its FSCS payout increased significantly.

Barclays pointed to an 'accrual' of £156 million in the 'other liabilities' section of its balance sheet, which covered the 12 months ended 31 December.

The figure was £58 million for the same period in 2011, representing a rise of 2.6 times.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?

Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this article:

Look up the shares

  • Barclays PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us


Sorry, this link is not
quite ready yet