Overview

• The Financial Conduct Authority (FCA) fined Barclays £40 million for failing to disclose £322 million in fees paid to Qatari investors during two fundraising rounds in 2008.
• These fundraisings, totaling £11.8 billion, helped Barclays avoid a government bailout during the financial crisis, unlike rivals NatWest and Lloyds Banking Group.
• The FCA described the bank's actions as 'reckless' and said they lacked transparency, depriving investors of critical information at the time.
• Barclays initially contested the fine but dropped its appeal shortly before a court hearing, stating it wanted to 'draw a line' under the 16-year-old issue.
• The fine was reduced from an initial £50 million proposed in 2022, and Barclays maintains it does not accept the FCA's findings despite agreeing to the settlement.