Barclays confirmed that it will increase the funds put aside for mis-selling products to consumers and businesses by more than £1bn, taking the total to £3.4bn.
The figure is made up of an additional £600m to pay off consumers who were mis-sold payment protection insurance (PPI), while the amount set aside for redress in the sale of
interest rate hedges
is to be doubled to £850m.
The UK bank is also believed to have to set aside money for potential litigation relating to manipulation of the London Inter-bank Offered Rate (Libor) for which it was fined £290m last June.
The announcement of increased provision came ahead of an appearance before the UK Parliamentary Commission on Banking Standards (PCBS) by chief executive officer (CEO), Antony Jenkins and chairman Sir David Walker.
Barclays’ new CEO said last month that the will unveil a
new business strategy
on 12 February, which he promised would “excite” the workforce.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more
HSBC arguing that mid-market businesses are missing out on huge exporting opportunities, 3D printing being predicted to cut global trade by 23% in 2060 and the blockchain community launching a voluntary transparency project all hit the latest headlines in the world of treasury this week.
Direct carrier billing is currently a competitive payments industry in Europe, but will it flourish under PSD2? EE and Microsoft think so.