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Bank charges: Big five bank profits wiped out in 2012

Profits made by the big five banks, HSBC, Royal Bank of Scotland (RBS), Lloyds Banking Group, Barclays and Standard Chartered, were wiped out in 2012 because of fines and compensation claims.

A report from KPMG said that the banks’ profits dropped by 40 per cent due to regulatory fines.

Last year, banks had to pay for such claims as the mis-selling of payment protection insurance (PPI). This is an ongoing and widespread mis-selling scandal that has seen banks across the UK setting aside provisions to pay for consumer claims.

In 2012, the cost of consumer claims went up as more people complained about mis-sold PPI.

Barclays and Royal Bank of Scotland were also fined by US regulators and the Financial Services Authority for rigging the Libor rate.

HSBC incurred fines for money laundering in the US last year.

KPMG did say, however, that core performances in the banks have improved recently. This is because of better results from their investment banks and fewer charges on bad loans.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801561749-ADNFCR



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