Barclays Bank

Barclays to Pay 290 Million Pound for Foreign Exchange Compensation

Barclays has set aside £290 million for foreign exchange compensation, bringing its legal bill to a staggering £2.3 billion in nine months.


Barclays has found itself in the middle of another scandal after admitting that it expects to compensate customers to the tune of £290 million for the rates they were charged on currency exchange deals. Although Barclays declined to comment, the Financial Conduct Authority said it was aware of the probem.


The Robin Hood Tax campaign, which is calling for taxes on banks, said:


"Setting aside another massive provision for scamming its customers does little to restore faith in Barclays' tarnished reputation."


The bill, which took its legal and compensation costs to £2.3 billion in the first nine months of 2015, was revealed just 24 hours after new boss Jes Staley pledged to clean up the bank's reputation. After the results were released, Barclay's shares sank more than 5 per cent to 239p.


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