Finance
Barclays Fined £40 Million Over Qatar Fundraise Disclosures
- Penalty was reduced from £50 million planned by the FCA
- Move ends final probe into UK bank’s crisis-era fundraising
Barclays Plc has been fined £40 million ($50.3 million) over the lender’s “reckless” failures to disclose details of its rescue by Qatar during the 2008 financial crisis, ending an eleven-year-long battle with British regulators.
The UK’s Financial Conduct Authority warned the lender back in 2013 that it planned to impose a penalty after finding Barclays didn’t fully disclose an agreement to pay advisory fees to Qatari investment vehicles as part of the bank’s crisis-era capital-raising efforts.