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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.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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