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Barclays takes $1.6bln mis-selling hit

Tuesday, February 05, 2013 - 01:39

Barclays bosses duck questions over funding for its rescue by Qatar four years ago, as another big charge for mis-selling shows how past problems continue to dog the British bank. Ciara Sutton reports

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TV AND WEB RESTRICTIONS~**NONE** The knocks just keep coming for Barclays. It's to set aside an extra 1 billion pounds for charges and compensation relating to the mis-selling of insurance to customers. The Payment Protection Insurance scandal alone has cost UK banks over 12 billion pounds and could end up more than double that. It comes as the bank's bosses came face to face with the UK banking inquiry. The probe was launched after Barclays was fined 450 million dollars for rigging Libor interest rates. Chief Executive Antony Jenkins took over as CEO from Bob Diamond who was ousted over the Libor fine. He says he can improve the bank's culture, starting with bonuses - and won't take one himself for 2012. (SOUNDBITE) (English) GROUP CHIEF EXECUTIVE, BARCLAYS, ANTONY JENKINS, SAYING: "We have adjusted our pools substantially this year to reflect the events of 2012, and that has been subject to intense scrutiny from the remuneration committee. In terms of individuals where malice has been determined, appropriate actions will be taken." But Jenkins ducked lawmakers' questions over Barclays' rescue funding by Qatar at the height of the financial crisis Unlike some of its rivals, Barclays avoided a government bailout when it received investment from Qatar. Now UK authorities are looking into allegations Barclays lent Qatar money to invest in it. Scandals involving UK banks have once again turned the spotlight on the culture of the industry. Jenkins is attempting to revive Barclays' reputation. But he's warned that his turnaround plan, to be unveiled next week, could take 5-10 years to fulfill.

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Barclays takes $1.6bln mis-selling hit

Tuesday, February 05, 2013 - 01:39

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