Barclays under spotlight on forex practices
Barclays Bank has admitted that it has 'received enquiries from certain…authorities related to their particular investigations' on foreign exchange trading.
It has also accepted that it is reviewing its operations in this sector while regulators around the world continue to inquire into the sector and its practices. UBS and Deutsche Bank have already admitted that they are the subject of inquiries in relation to alleged currency trading manipulation.
While other banks have recently spoken openly about the heavy costs they are bearing on regulatory and legal matters, Antony Jenkins, the Barclays chief executive, denied similar problems. He said, according to the Financial Times: 'They’re not undermining them at all as we’re dealing with issues that go back more than 10 years. These legal issues will arise and will have to be dealt with.' However, at the end of September it increased its provision for claims on the alleged mis-selling of payment protection plans by about £900 m to £1.3 b.
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