Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Barclays' FSCS bill more than doubles to £156m

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter