The banking giant agrees to pay a penalty for failing to disclose Qatari payment arrangements during 2008 crisis fundraising.
Settlement ends decade-long regulatory battle and follows earlier acquittal of executives in criminal case.
Barclays
has agreed to pay a £40 million ($50 million) fine to the UK's Financial
Conduct Authority (FCA) for failing to properly disclose arrangements with
Qatari investors during its emergency fundraising efforts amid the 2008
financial crisis.
Barclays Settles 2008
Qatar Disclosure Case with £40M FCA Fine
The
settlement marks the end of a prolonged regulatory battle that began in 2013
when the FCA first issued warning notices against the UK banks, namely Barclays plc and Barclays Bank plc. The fine was
reduced from an initially proposed £50 million after Barclays withdrew its
appeal to the Upper Tribunal.
The case
centered on Barclays' failure to disclose payments totaling £322 million to
Qatari entities under two advisory agreements directly tied to their
participation in the bank's June and October 2008 capital raisings. These
undisclosed payments effectively doubled and tripled the actual costs of Qatari
participation in the respective fundraising rounds.
Steve Smart, Joint ED of Enforcement and Market Oversight, Source: FCA
“Barclays'
misconduct was serious and meant investors did not have all the information
they should have had,” said Steve Smart, joint executive director of
enforcement and market oversight at the FCA. “However, the events took place
over 16 years ago, and we recognize that Barclays is a very different
organization today, having implemented change across the business. It is
important that listed firms provide investors with the information they need.”
The
resolution comes after a separate criminal case against Barclays and its former
executives collapsed. Former Barclays Chief Executive Officer John Varley,
former Middle East investment banking chairman Roger Jenkins, former executive
Thomas Kalaris, former European head of financial institutions Richard Boath,
and Barclays itself were facing charges from the Serious Fraud Office (SFO)
following a five-year investigation into their roles in this deal.
“Barclays announces that it has agreed with the FCA to withdraw its references to the Upper Tribunal of the Decision Notices regarding Barclays and Barclays Bank PLC concerning the 2008 capital raisings, first published by the FCA on 23 September 2022,” the company commented on an official statement.
None of the current Barclays Board members or senior management were involved in the incidents outlined in the FCA's notices. According to the regulator, the latest executive leadership has substantially improved Barclays' systems and controls.
“In view of the time elapsed since the events, Barclays wishes to draw a
line under the issues referred to in the Decision Notices and has
decided not to contest the Decision Notices further,” the company added. “Barclays does not
accept the findings of the Decision Notices, and this has been
acknowledged by the FCA. Notwithstanding the difference of view,
Barclays has concluded that the interests of the Bank, its shareholders
and other stakeholders are best served by withdrawing the References.
A provision in respect of the financial penalty imposed by the FCA was
taken in 2022, and there is no material financial impact on Barclays.”
One of the Largest FCA
Settlements Recently
Barclays'
settlement and agreement to pay £40 million stands out as one of the most
significant FCA cases in recent years. Just two
months ago, Finance Magnates reported that the UK regulator imposed a
£16.7 million fine on Metro Bank for major deficiencies in its anti-money
laundering controls, which left over £51 billion in transactions insufficiently
monitored over a four-year period.
Metro
Bank's fine could have been £23.8 million, but the bank received a 30%
reduction for resolving the matter early. Since then, Metro Bank has
implemented new measures to address the identified weaknesses and improve its
financial crime controls. Despite the discount, the fine remains one of the
largest in 2024, surpassed only by penalties issued to Starling Bank in
September (£29 million) and Citigroup in May (£28 million).
“Metro's
failings risked a gap being left in our defense against the criminal misuse of
our financial system,” commented Therese Chambers, joint executive director of
enforcement and market oversight. “Those failings went on for too long.”
Barclays
has agreed to pay a £40 million ($50 million) fine to the UK's Financial
Conduct Authority (FCA) for failing to properly disclose arrangements with
Qatari investors during its emergency fundraising efforts amid the 2008
financial crisis.
Barclays Settles 2008
Qatar Disclosure Case with £40M FCA Fine
The
settlement marks the end of a prolonged regulatory battle that began in 2013
when the FCA first issued warning notices against the UK banks, namely Barclays plc and Barclays Bank plc. The fine was
reduced from an initially proposed £50 million after Barclays withdrew its
appeal to the Upper Tribunal.
The case
centered on Barclays' failure to disclose payments totaling £322 million to
Qatari entities under two advisory agreements directly tied to their
participation in the bank's June and October 2008 capital raisings. These
undisclosed payments effectively doubled and tripled the actual costs of Qatari
participation in the respective fundraising rounds.
Steve Smart, Joint ED of Enforcement and Market Oversight, Source: FCA
“Barclays'
misconduct was serious and meant investors did not have all the information
they should have had,” said Steve Smart, joint executive director of
enforcement and market oversight at the FCA. “However, the events took place
over 16 years ago, and we recognize that Barclays is a very different
organization today, having implemented change across the business. It is
important that listed firms provide investors with the information they need.”
The
resolution comes after a separate criminal case against Barclays and its former
executives collapsed. Former Barclays Chief Executive Officer John Varley,
former Middle East investment banking chairman Roger Jenkins, former executive
Thomas Kalaris, former European head of financial institutions Richard Boath,
and Barclays itself were facing charges from the Serious Fraud Office (SFO)
following a five-year investigation into their roles in this deal.
“Barclays announces that it has agreed with the FCA to withdraw its references to the Upper Tribunal of the Decision Notices regarding Barclays and Barclays Bank PLC concerning the 2008 capital raisings, first published by the FCA on 23 September 2022,” the company commented on an official statement.
None of the current Barclays Board members or senior management were involved in the incidents outlined in the FCA's notices. According to the regulator, the latest executive leadership has substantially improved Barclays' systems and controls.
“In view of the time elapsed since the events, Barclays wishes to draw a
line under the issues referred to in the Decision Notices and has
decided not to contest the Decision Notices further,” the company added. “Barclays does not
accept the findings of the Decision Notices, and this has been
acknowledged by the FCA. Notwithstanding the difference of view,
Barclays has concluded that the interests of the Bank, its shareholders
and other stakeholders are best served by withdrawing the References.
A provision in respect of the financial penalty imposed by the FCA was
taken in 2022, and there is no material financial impact on Barclays.”
One of the Largest FCA
Settlements Recently
Barclays'
settlement and agreement to pay £40 million stands out as one of the most
significant FCA cases in recent years. Just two
months ago, Finance Magnates reported that the UK regulator imposed a
£16.7 million fine on Metro Bank for major deficiencies in its anti-money
laundering controls, which left over £51 billion in transactions insufficiently
monitored over a four-year period.
Metro
Bank's fine could have been £23.8 million, but the bank received a 30%
reduction for resolving the matter early. Since then, Metro Bank has
implemented new measures to address the identified weaknesses and improve its
financial crime controls. Despite the discount, the fine remains one of the
largest in 2024, surpassed only by penalties issued to Starling Bank in
September (£29 million) and Citigroup in May (£28 million).
“Metro's
failings risked a gap being left in our defense against the criminal misuse of
our financial system,” commented Therese Chambers, joint executive director of
enforcement and market oversight. “Those failings went on for too long.”
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
ASX Faces $150M Capital Charge After Scathing Inquiry Finds Years of Neglect
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
