Barclays has posted a £500m provision in its Q3 results. Tushar Morzaria, finance director of Barclays, says that the £500m is the ‘best estimate’, based on discussions with regulators. The bank is one of those which is in discussion with the UK’s Financial Conduct Authority over alleged forex manipulation. A settlement might be announced in November, according to some sources. But the discussions with regulators are ‘fluid and they are continuing’, said Mr Morzaria - although he refused to specify which regulators he was talking about.
RBS
Meanwhile the Royal Bank of Scotland has transferred £780m to its legal and regulatory provisions, covering allegations on forex, the mis-selling of insurance and other litigation. Source: New York Times
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