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New regulatory inspections for Barclays in wake of PPI fallout

Barclays is to become subject to two new regulatory probes as part of the fallout of the series of scandals, including the mis-selling of payment protection insurance.

Authorities in the US are concerned that the financial services firm may have breached the Foreign Corrupt Practices Act in the way that it won business.

"The spectre of more damage to the bank's reputation in the form of further regulatory probes is weighing heavily on the shares in early trade," said Richard Hunter, head of equities at Hargreaves Lansdown, as shares in the bank fell four per cent.

The first of the two probes is by the US Department of Justice and the Securities Exchange Comission, which is addressing the methods in which Barclays won business. The second is by the US Federal Energy Regulatory Comission, which is looking into power trading in the US between 2006 and 2008.

Barclays revealed that it intends to vigorously defend itself.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801479732-ADNFCR

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