Barclays fined over ‘reckless’ failure to disclose Qatar links
The Financial Conduct Authority (FCA) has hit Barclays with a £40m fine today for failing to disclose ties with certain Qatari investors as it scrambled to avert a government bailout during the financial crisis.
In a statement today, the City watchdog said the FTSE 100 lender’s conduct through during a capital raise in 2008 was “reckless and lacked integrity” and it welcomed a move by the bank to withdraw from challenging its decision in the courts.
“The events in 2008 were of national importance as banks sought emergency recapitalisation,” the FCA said in a statement. “The FCA has a primary objective to ensure market integrity. Banks should treat their obligations to the market and shareholders seriously.”
The decision follows a previous allegation from the FCA that Barclays had breached listing rules by agreeing to pay hundreds of millions of pounds in fees to certain Qatari investors “so that they would contribute new capital”.
https://www.cityam.com/barclays-fined-over-reckless-failure-to-disclose-qatar-links/