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| Barclays increases mis-selling provisions | Barclays increases mis-selling provisions |
| (35 minutes later) | |
| Barclays has increased the provisions to cover two mis-selling scandals by another £1bn. | Barclays has increased the provisions to cover two mis-selling scandals by another £1bn. |
| It relates to the mis-selling of interest rate hedging products sold to small and medium-sized firms, and payment protection insurance schemes. | It relates to the mis-selling of interest rate hedging products sold to small and medium-sized firms, and payment protection insurance schemes. |
| Following a pilot review, the bank said provisions for the scandal involving interest rate swaps are now £850m, and £2.6bn for the PPI schemes. | Following a pilot review, the bank said provisions for the scandal involving interest rate swaps are now £850m, and £2.6bn for the PPI schemes. |
| The bank is expected to release full-year results on 12 February. | The bank is expected to release full-year results on 12 February. |
| The Financial Services Authority (FSA) last week ordered the UK's major banks - Barclays, Royal Bank of Scotland, Lloyds, and HSBC - to review all their sales of interest rate hedging products, and provide redress where mis-selling has occurred. | |
| The FSA said that around 40,000 interest rate hedging products were sold since December 2001 to "non-sophisticated" customers, to protect against interest rate rises or limit interest rate fluctuations. | |
| In its pilot review of 173 such sales across the four banks, the FSA said it found that more than 90% did not comply with one or more of its regulatory requirements. | |
| Barclays' latest provisions announcement comes just a week before the bank's new chief executive Antony Jenkins is expected to unveil a blueprint for overhauling the bank's culture. | |
| Its finance director Chris Lucas announced over the weekend that he was stepping down. | |
| The bank has already been slapped with a record £290m fine by UK and US regulators related to a separate Libor-rigging scandal. |