The Financial Conduct Authority (FCA) has fined Barclays a record £38m for failing to adequately protect clients' custody assets worth £16.5bn.
The punishment relates to the bank's failure to segregate clients' asset properly and maintain adequate records in its investment banking division over a five-year period between 2007 and 2012. It is the second time Barclays has been fined for such an offence after a £1.1m penalty three years ago. Barclays was found to have breached the regulator's Client Asset Rules Principles 3 and 10 in relation to 95 custody accounts in 21 countries. As a result, Barclays' records did not correctly reflect which company within its investment banking division was responsible for the assets in th...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.