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.
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