Barclays Fined £40m by FCA for 2008 Fundraising Misconduct

The Financial Conduct Authority (FCA) has fined Barclays £40 million for failing to disclose key arrangements with Qatari entities during its 2008 fundraising efforts, which helped the bank avoid a government bailout. The fine comes after Barclays withdrew its appeal against the regulator’s findings, marking the end of a case that has spanned over a decade. This misconduct, which involved higher advisory fees being paid to Qatari investors than to those from other countries, highlights the challenges of maintaining transparency during a financial crisis.

Karl Foster, FinTech and Financial Services Partner at Spencer West LLP commented on the fine stating said the matter is a reminder of the “lack of accountability and sense of invulnerability of banks” at that time that led to the financial crisis, LIBOR and other scandals.

Read the full article here: CIR Magazine.