Posted By Uma Rajagopal
Posted on November 25, 2024
(Reuters) -Britain’s financial regulator said on Monday it had fined Barclays 40 million pounds ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008.
The fine by the Financial Conduct Authority dates back to the height of the 2008-9 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 pounds, 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In a statement on Monday, Barclays said it did not accept the FCA’s findings but had withdrawn its appeal given “the time elapsed since the events.”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.
($1 = 0.7955 pounds)
(Reporting by Tom Wilson in London and Aby Jose Koilparambil in Bengaluru; Editing by Varun H K and Louise Heavens)
