Barclays Visited By Regulators More Than Any Other Bank For PPI Complaints, Financial Scandals

July 24, 2015
by admin in PPI News

Barclays had gained more than 186 visits from the officials of the Financial Conduct Authority. It had received twice as many visits as the HSBC, who had merited 85 visits in the year. The Royal Bank of Scotland and Lloyds Banking Group received 65 and 58 visits respectively.

Most of Barclays’ visits involved its role in the Libor rigging and forex manipulation scandals. Part of these were about payment protection insurance claims. All the banks mentioned had received fines from the FCA.

However, Barclays played the biggest role in the Libor manipulation in 2012. The company lost more than £200 million to fines for rigging arcane metrics.

Barclays had a shake-up after Former CEO Anthony Jenkins had been sacked and replaced by John McFarlane. McFarlane intends to cut costs for Barclays, which could lead to job losses of up to 19,000.