Barclays fined £40m over 'reckless' Qatar fundraising

Published On Nov 25, 2024, 6:34 AM

The UK's Financial Conduct Authority (FCA) has fined Barclays £40 million for misconduct related to a fundraising effort during the 2008 financial crisis. The FCA criticized Barclays for failing to disclose arrangements with Qatari investors as well as higher fees paid to them, which allowed the bank to raise crucial capital without government intervention. While Barclays does not agree with the FCA’s findings, it has decided to drop its appeal to move forward and focus on its current operations. The fine has been reduced from an initial amount of £50 million. The FCA acknowledges that Barclays has since made substantial reforms and highlighted the importance of transparency for investors.