Barclays fined $50M for failing to disclose 2008 Qatari funding
The UK-headquartered bank will pay a fine of 40 million pounds to British regulators for failing to disclose information of its rescue by Qatar during the 2008 financial crisis.
LONDON — UK-headquartered bank Barclays will pay a fine of 40 million pounds ($50.2 million) to British regulators for failing to disclose information of its rescue by Qatar during the 2008 financial crisis publicly or to other investors.
In a statement Monday, UK’s Financial Conduct Authority (FCA) said the bank’s conduct was “reckless and lacked integrity.”
In 2022, the FCA said they would issue a 50 million pound ($62.8 million) penalty against Barclays after it found it didn’t fully disclose an agreement to pay advisory fees to Qatari investment vehicles as part of the bank’s capital raising during the financial downturn.
After the FCA brought its charges, Barclays then referred those findings to a higher court for reconsideration and it won a discount of 10 million pounds ($12.5 million) to the fine.
