Barclays has been fined £40m over capital raising that averted its need for taxpayer aid during the 2008 financial crisis.
Barclays has been fined £40m over capital raising that averted its need for taxpayer aid during the 2008 financial crisis. The Financial Conduct Authority found that the bank should have disclosed more details to the stock market about the £11.8bn in funding, from Qatari and other sovereign investors, that it had previously described as 'reckless' and lacking integrity.
The penalty followed a protracted investigation that began in 2013 but was held up by criminal proceedings brought by the Serious Fraud Office that led to the acquittal of all defendants charged, including Barclays. A decision by the bank not to refer the FCA's enforcement case to an Upper Tribunal meant that the regulator's planned fine could be imposed. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
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