Barclays has been hit with a £38m fine for failing to adequately protect clients' funds, the Financial Conduct Authority has confirmed.
The FCA said the fine reflects the fact the bank put £16.5bn of clients' assets at risk. The punishment relates to the bank's failure to segregate clients' asset properly and maintain adequate records. It is the second time Barclays has been fined for such an offence after a £1.1m penalty three years ago. This is the highest fine ever imposed by the FCA or its predecessor the FSA for client asset breaches, reflecting "significant weaknesses" in the systems and controls in Barclays' investment banking division, and the number of affected accounts. FCA director of markets David Law...
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