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Fury as Barclays fails to pay out over poor advice - and says watchdog supports it

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Troubled bank Barclays today faces yet another allegation – that as a result of a ‘secret deal’ with the Financial Services Authority it has wriggled out of compensating thousands of customers who were mis-sold risky investments. This latest twist to a long-running scandal affecting customers of its core UK wealth management business underlines the problems facing new chief executive Antony Jenkins as he grapples with the emerging crisis in the bank’s global wealth operation and detailed by The Mail on Sunday today. In 2011, the City watchdog fined Barclays £7.7 million for wrongly advising up to 12,000 customers to put their money into a risky investment. This was ‘the highest fine ever’ for such a failing, the FSA said at the time, adding: ‘Barclays will contact customers and pay redress where appropriate’

 

Read more: http://www.dailymail.co.uk/money/investing/article-2264979/Fury-Barclays-fails-pay-poor-advice.html#ixzz2IWMBrPCZ


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