Barclays has been fined £40 million by the Financial Conduct Authority (FCA) on Monday for failing to disclose key arrangements with Qatari entities during its 2008 capital raising. This decision follows the bank's withdrawal of its appeal to the Upper Tribunal, which had delayed enforcement proceedings.
The FCA criticized Barclays' conduct at the time, describing it as reckless and lacking integrity. Initial enforcement began in 2013 but was paused due to criminal cases, which were eventually dismissed. While the FCA originally proposed a £50 million fine, the penalty was adjusted to reflect developments.
"Barclays' misconduct was serious and meant investors did not have all the information they should have had. However, the events took place over 16 years ago and we recognise that Barclays is a very different organisation today, having implemented change across the business," Joint Executive Director of Enforcement and Market Oversight at the FCA Steve Smart noted.
