A record fine of £37.5 million has been issued to Barclays bank by the Financial Conduct Authority (FCA) for putting £16.5 billion of client assets at unnecessary risk, in the event that the bank had become insolvent.
Blue & Green Tomorrow is currently running a crowdfunder to ensure its survival. Please pledge.
The investigation into Barclays had previously revealed that the bank’s internal systems were not robust enough to provide adequate protection for their clients’ money. Investigations have centred on the bank’s investment arm between 2007 and January 2012 – causing a 7% decline in overall profits.
The FCA have also stated that the bank had subsequently ignored a range of industry warnings as well as failing to apply previous enforcement measures brought against them by the FDA’s predecessor, the Financial Services Authority.
FCA director of enforcement Tracey McDermott said, “All firms should be clear after Lehman that there is no excuse for failing to safeguard client assets.”
Barclays was previously fined £1.1 million for similar matters three years ago by the FSA. The bank was then under Antony Jenkins, who subsequently resigned.
The financial authority have argued that by placing clients’ money at an unsafe position, the customer was at risk of incurring extra penalties, lengthy delays or losing their assets if the bank faltered.
In a statement regarding the record FCA fine, the bank said, “Barclays identified and self-reported to the FCA the issues giving rise to the FCA’s findings and we accept their conclusion.
“Barclays has subsequently enhanced its systems to resolve these issues and to ensure we have the requisite processes in place. No client has suffered any loss as a consequence of this weakness in our processes which existed prior to January 2012.”
Photo source: Elliott Brown via Flickr
Like our Facebook Page
How to Recycle Books: 7 Easy Steps
How to Raise Money for Your Non-Profit or Charity: 7 Steps to Take
Solar-Powered Solutions for Lowering City Infrastructure Carbon Footprint
How to Prioritize Sustainability When Studying Abroad
EHS Management is Making the Construction Industry Greener
Best Sustainable Practices in the Construction Industry in 2024
Comparing Renewable Energy: Solar Power, Wind, Hydro & Bio
Maximizing Home Efficiency: The Renewable Way
10 Easy Ways To Make Your Home More Eco-Friendly
Energy Management Mastery: 4 Tips for Green Property Owners
Insider Tips for an Eco-Friendly Dubai Vacation in 2024
Polythene Bags and Food Safety: Crucial Role in Food Packaging
5 Tips for Creating a Sustainable Living Space
Solo Eco-Tourism Misconceptions That Need To Be Debunked
Embracing Sustainability: 7 Tips for Eco-Friendly Shopping
Crypto Market Makers Are Becoming More Eco-Friendly
Eco-Friendly Benefits of Energy Efficient Mortgages
Experience Thailand at Sea Yacht Chartering as an Eco-Tourist
5 Reasons Eco-Tourists Should Plan a Barcelona Getaway
Ocean Stewardship: The New Frontier for Charitable Giving
- Features8 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment12 months ago
6 Home Improvements You Can Make to Help the Environment
- Editors Choice11 months ago
7 Tips to Minimize the Negative Impact Businesses Have on the Environment
- Environment12 months ago
The Truth About The Environmental Impact of Dogs