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Barclays fined over record ‘retention failure’



Barclays bank has been fined $3.8m (£2.3m) by regulators in the US over allegations it failed to keep its records in order.

The fine follows an investigation carried out by the Financial Industry Regulatory Authority (Finra), the US regulator. The investigation revealed violations of standards set out by the regulator and two other regulatory bodies.

The investigation found that Barclays was unable to confirm whether or not the records they had kept on order and trade ticket data, trade confirmations, blotters, account records and other similar records were unaltered.

Finra reports that these offences took place over a decade long period.

Brad Bennett, Executive Vice President and Chief of Enforcement, said, “Ensuring the integrity, accuracy and accessibility of electronic books and records is essential to a firm’s ability to meet its compliance obligations. The format errors in this case made it nearly impossible for Barclays to verify that these key materials remained in an unaltered condition.”

Barclays has been fined numerous times by global regulators this year as part of a string of allegations, including its part in the Libor scandal. Former Barclays boss Bob Diamond will appear before a criminal court to give evidence on the bank’s role in the scandal.

Meanwhile, regulators in the UK have clamped down on irresponsible behaviour by banks, with more than £220m worth of fines dished out to unruly financial service providers.

Further reading:

‘Unethical behaviour’ at UBS warrants £940m Libor fine

The terrorist’s local bank: HSBC fined £1.2bn

JP Morgan fined $920m by UK and US regulators over ‘London Whale’ cover-up

Banking regulator fines RBS £5.6m for inaccurate transaction reporting

Bob Diamond among Barclays execs called to give evidence in Libor trial





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