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Barclays Falls Foul of Australian Regulator

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Barclays Falls Foul of Australian Regulator 

Australia Securities & Investment Commission has accepted enforceable undertakings from Barclays entities. An enforceable undertaking is an alternative to prosecution and allows the offender to undertake tasks to settle the case. They had failed to disclose to clients that they are exempt from holding an Australian Financial Services Licence and was regulated by a relevant overseas regulatory authority which differ from Australian laws.

Barclays will therefore contribute $500,000 to The Ethics Centre for research and development into provision of financial services to Australian clients as their undertakings.

News Source: ASIC Press Release

 

About Barclays

Barclays Bank

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.  These two businesses will be supported by a Group Service Company, which houses the majority of Barclays’ Group Functions and the Chief Operating Office, which includes Operations and Technology.

  • Origin: United Kingdom
  • Assets: £1.12 trillion
  • Revenue: £25.45 billion
  • Employees: 129,400

Official Website: www.barclays.com





News & Media: Press Release

Updated on 8th August 2016





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