Barclays Fined for Risking Clients Money

Barclays Fined for Risking Clients Money.

Barclays have been fined by the regulator for failing to keep clients money safe by not keeping its own and clients money separate. The Financial Conduct Authority (FCA) said that the banks investment section put clients money at risk between November 2007 and January 2012.

The bank was previously fined three years ago for a similar issue where they paid out £1.1m.

Barclays reported the issue itself to the FCA and accepted full responsibility, they did not profit from the failings and no customers lost out financially. The FCA has said that if Barclays had become insolvent, customers would have risked “incurring extra costs, lengthy delays or losing their assets”.

Barclays have received a 30% discount on their fine for agreeing to settle the issue at an early stage, however it was also the largest fine ever issued for this particular issue.