The UK Financial Conduct Authority (FCA) has fined Barclays £40 million in total for its failure to disclose certain arrangements with Qatari entities in 2008.
This follows Barclays’ decision to withdraw its referral of the FCA’s planned action to the Upper Tribunal. The action was based on findings which included that Barclays’ conduct in its October 2008 capital raising was reckless and lacked integrity.
The FCA first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office. It was restarted following the dismissal of proceedings against Barclays and the acquittal of the other parties.
The FCA published decision notices setting out its case against Barclays in October 2022 and Barclays chose to refer the case to the Upper Tribunal, which is independent from the FCA and hears appeals against enforcement cases. The FCA had previously decided to impose a fine of £50 million in total.
The events in 2008 were of national importance as banks sought emergency recapitalisation.
The FCA welcomes the decision by Barclays to withdraw the reference of this case to the Upper Tribunal. The FCA recognises that this case concerns disclosure decisions made in the context of very large and complex capital raisings that took place many years ago under considerable market pressure.
