UK regulator fines Barclays £40 million over disclosures related to Qatar dealings

BRITAIN’S financial regulator said on Monday (Nov 25) it had fined Barclays £40 million (S$68 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008.

The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-to-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in order to avoid a state bailout.

The British bank paid undisclosed fees to Qatari funds involved in its rescue, the FCA said in 2022, finding that Barclays’ conduct in the capital raising was reckless and that it lacked integrity.

The FCA at the time fined Barclays £50 million, which the bank appealed.

In a statement on Monday, Barclays said it did not accept the FCA’s findings but had withdrawn its appeal given “the time elapsed since the events.”

The interests of the bank, its shareholders and other stakeholders were best served by the withdrawal, Barclays said, adding that there was no material financial impact from the fine. REUTERS