Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter