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The UK financial regulator has fined Barclays £40mn for failing to disclose arrangements with Qatari entities when the bank sought to avoid a bailout during the financial crisis.
Announcing the fine on Monday, the Financial Conduct Authority said that the UK bank’s “conduct in its October 2008 capital raising was reckless and lacked integrity”.
The FCA has previously alleged that Barclays breached the UK’s listing rules by failing to disclose it was paying higher fees to Qatari investors than to those from other countries including China, Singapore and Abu Dhabi when it raised £11.8bn through two share sales in 2008.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Barclays’ misconduct was serious and meant investors did not have all the information they should have had.”
The bank said: “Barclays does not accept the findings of the Decision Notices and this has been acknowledged by the FCA.” But it added: “In view of the time elapsed since the events, Barclays wishes to draw a line under the issues referred to in the Decision.”
This is a developing story
https://www.ft.com/content/cda60bab-3da2-481b-bd85-78459c3bec57
