Barclays to tackle multi-billion fines as priority of new chair

Settling legal and regulatory issues with the regulators will be one of the top priorities of John McFarlane, the 67-year old known as a straight-shooter who became chair of the bank yesterday.

Under his leadership, Barclays is expected to settle some of its outstanding regulatory issues as soon as possible. A settlement could be agreed as soon as May with the US Department of Justice regarding allegations of manipulation of Forex markets. The bank is also being investigated in the US about its 'dark pool' trading platform. In the UK it is being investigatied over fees it paid to investors in Qatar in relation to its capital raising exercise in 2008. 

Customer complaints

In the UK, Barclays heads the league table of banks receiving the most complaints. When complaints arrive at the Financial Ombudsman Service, the Ombudsman finds in favour of complaints in two-thirds of cases - according to its latest data (relating to H2 of 2014). 

Sources: Financial Times, Financial Ombudsman Service and Fundweb

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