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Barclays FD under FSA investigation

AN INVESTIGATION has been launched by the Financial Services Authority (FSA) into Barclays group FD Chris Lucas, and three other current and former staff, over disclosure concerns.

The FSA’s investigation will look at the bank’s sufficiency of disclosure in relation to fees payable under “certain commercial agreements”, and whether these may have been related to Barclays’ capital raisings in June and November 2008.

The bank, in its interim statement, said it considers that it satisfied its disclosure obligations, and will “fully cooperate with the FSA’s investigation”.

The interim statement also showed the bank’s pre-tax profits were down 71% from £2.6bn at this point last year to £759m this year.

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