The Financial Conduct Authority (FCA) has fined Barclays £40m after finding the business’ conduct around an October 2008 capital raising was “reckless and lacked integrity”.
Barclays failed to disclose certain arrangements with Qatari entities in 2008, the FCA set out in an update dated today (25 November). The regulator first issued warning notices against Barclays in 2013, with the case paused amid since dismissed proceedings brought by the Serious Fraud Office (SFO). The FCA's decision notices were published in 2022, with Barclays having now chosen to withdraw an Upper Tribunal referral relating to these. The FCA had previously sought to impose a £50m fine on Barclays. The regulator stated that the events of 2008 were "of national importance as bank...
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