The bank had been due to challenge the case brought by the Financial Conduct Authority in court this week.
Barclays has been fined £40 million by the UK’s financial watchdog for “reckless” conduct when securing funds from Qatari investors during the 2008 financial crash.
Barclays disclosed details of the June agreement but it did not for the October agreement, nor did it shed light on the fees it paid the investors in exchange for their participation, the FCA found. “However, the events took place over 16 years ago and we recognise that Barclays is a very different organisation today, having implemented change across the business.”But the penalty has been lowered to £40 million following Barclays’ decision to drop the appeal.
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