The Financial Conduct Authority (FCA) has fined Barclays £40m for its failures to disclose certain arrangements with Qatari entities in 2008.
The punishment follows Barclays’ decision to withdraw its referral of the FCA’s planned action to the Upper Tribunal.
The action was based on findings which included that Barclays’ conduct in its capital raising in October 2008 was "reckless and lacked integrity".
A small number of "anchor investors" agreed to participate in the capital raising in October 2008, which aimed to raise £7.3bn, including the Qatar Investment Authority, via its investment arm and a Qatari investment vehicle.
Investors were paid certain fees and commissions in connection with their participation in their capital raising.
Barclays did not disclose these matters in the prospectuses associated with the October capital raising, rendering the information in them as misleading, false and deceptive.
Barclays plc has been fined £30m, while Barclays Bank has been fined £10m.
The regulator first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office.
However, the case was restarted following the dismissal of proceeding against Barclays and the acquittal of the other parties.
The FCA published decision notices setting out its case against Barclays October 2022 and the bank chose to refer the case to the Upper Tribunal, which is independent of the FCA and hears appeals against enforcement cases. The FCA had previously decided to impose a fine of £50m.
The regulator said that the events in 2008 were "of national importance as banks sought emergency recapitalisation, and that it has a primary objective to ensure market integrity".
It added that banks should "treat their obligations to the market and shareholders seriously".
Joint executive director of enforcement and market oversight at the FCA, Steve Smart, said: "Barclays' misconduct was serious and meant investors did not have all the information they should have had. 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.
"It is important that listed firms provide investors with the information they need."
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