Barclays may face second huge fine from FCA over client assets

Barclays Building Sign

Barclays is poised to be hit with its second fine by British regulators over failures to segregate client assets properly, a setback to Antony Jenkins’s efforts to put the lender’s legal woes behind him, two people with knowledge of the matter said.

Bloomberg news reports the fine, which is still under discussion, may come later this year and could surpass the $99m penalty Britain’s second-largest lender paid to the Financial Conduct Authority as part of its $485m settlement with regulators over the rigging of benchmark interest rates, said one of the people, who asked not to be identified because the talks are private.

The bank is being probed for what would be the second breach of so-called client asset segregation rules in three years, said the people. Barclays was fined $1.84m in 2011, and while clients didn’t suffer any losses, they were put at risk of loss, the regulator said at the time. The watchdog accepted the violations weren’t deliberate and Barclays had already addressed its failures.

Hit the link below to access the complete Bloomberg News article:

Barclays Said to Face Fine Over Client Asset Segregation

Putin Threat Stirs European Tank Ambition Dormant Since Cold War

Bank Workers CharityBank Workers Charity - Supporting bank workers

Register for Financial Markets News Alerts