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
Signup and gain exclusive members-only insights
- 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.
