Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a658278
Barclays' FSCS bill more than doubles to £156m
by Sarah Miloudi on Feb 12, 2013 at 08:26
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.
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
Look up the shares
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by Dylan Lobo on May 20, 2013 at 10:05