Barclays faces fresh probe
July 28 , 2012
Barclays has revealed it is under investigation by the UK financial watchdog over the disclosure of fees payable under unspecified deals made in 2008.
The news came as the bank announced adjusted pre-tax profit for the first six months of 2012 rose 13 percent to $6.6 billion, beating analysts’ expectations.
It also set aside $707 million to cover potential compensation to small businesses sold inappropriate financial products.
This comes after Barclays admitted involvement in a rate-rigging scandal.
Last month, the bank was fined $450 million for attempting to manipulate the Libor inter-bank lending rate.
The scandal resulted in the resignation of chief executive Bob Diamond and chairman Marcus Agius.
The Financial Services Authority (FSA) is now investigating the bank along with four current and former senior employees.