Barclays group finance director Chris Lucas is under investigation by the FSA over disclosure failures relating to “certain commercial arrangements” and whether they were linked to Barclays capital raisings in June and November 2008.
The investigation also involves three other current and former Barclays employees.There are no further details at this stage.
In a statement, Barclays says: “The FSA has commenced an investigation involving Barclays and four current and former senior employees, including Chris Lucas, group finance director.
“The FSA is investigating the sufficiency of disclosure in relation to fees payable under certain commercial agreements and whether these may have related to Barclays capital raisings in June and November 2008.
“Barclays considers that it satisfied its disclosure obligations and confirms that it will cooperate fully with the FSA’s investigation.”
An FSA spokesman declines to explain the nature of the investigation but says the decision to make it public was made independently by Barclays.
The bank’s interim statement, published today, reveals statutory pre-tax profits fell 71 per cent from £2.6bn in the first six months of 2011 to £759m during the same period this year.
Barclays adjusted pre-tax profit figure, which excludes the impact a number of factors including PPI redress, was up 13 per cent from £3.7bn to £4.2bn.
The bank was forced to set aside £300m for PPI misselling claims in the first half of 2012.
Barclays has also made a £450m provision for redress in relation to interest rate hedging products sold to small and medium sized business.