FCA fines Barclays £50,000,000

The Financial Conduct Authority (FCA) first warned Barclays in 2013 for actions happened in 2008. The case was paused for 6 years because of other pending cased and re-surfaced again in 2019.

The reason for the warning was the failure of Barclays to disclose fees paid to some Qatari investors the contributed to raising new capital for the group. The new capital arrangements were made in 2008 during the financial crisis and because of the intense market fluctuation.

According to the executive Director of Enforcement and Market Oversight , “There was no legitimate reason or excuse for failing to disclose these matters, certainly no basis for doing so because of the financial crisis. Due transparency is always critical to financial markets, especially in times of market or financial stress.”

 Source: FCA