UK Financial Conduct Authority Fines Barclays $50 Million for Failure & Lacking Integrity to Disclose to Shareholders Material Arrangements with Qatar Entities in 2008, Paid £602 Million Advisory Fees to Qatar Holding to Develop Barclays Business in Middle East Over the Next 3 to 5 Years, Barclays Raised £11.8 Billion in Capital Including from Anchor Investor Qatar Investment Authority & Related Entities
26th November 2024 | Hong Kong
The UK Financial Conduct Authority (FCA) has fined Barclays $50 million (£40 million) for failure & lacking integrity to disclose to shareholders material arrangements with Qatar entities in 2008, paying a total of £602 million advisory fees to Qatar Holding to develop Barclays business in Middle East over the next 3 to 5 years (2008) and raised £11.8 billion in capital including from anchor investor Qatar Investment Authority (QIA) & related entities. UK FCA (25/11/24): “This follows Barclays’ decision to withdraw its referral of the FCA’s planned action to the Upper Tribunal. The action was based on findings which included that Barclays’ conduct in its October 2008 capital raising was reckless and lacked integrity – the FCA’s earlier press release is linked in the notes below. The FCA notes Barclays’ statement on this matter. The FCA first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office. It was restarted following the dismissal of proceedings against Barclays and the acquittal of the other parties. The FCA published decision notices setting out its case against Barclays in October 2022 and Barclays chose to refer the case to the Upper Tribunal, which is independent from the FCA and hears appeals against enforcement cases. The FCA had previously decided to impose a fine of £50 million in total. The events in 2008 were of national importance as banks sought emergency recapitalisation. The FCA has a primary objective to ensure market integrity. Banks should treat their obligations to the market and shareholders seriously. The FCA welcomes the decision by Barclays to withdraw the reference of this case to the Upper Tribunal. The FCA recognises that this case concerns disclosure decisions made in the context of very large and complex capital raisings that took place many years ago under considerable market pressure.”
“ UK Financial Conduct Authority Fines Barclays $50 Million for Failure & Lacking Integrity to Disclose to Shareholders Material Arrangements with Qatar Entities in 2008, Paid £602 Million Advisory Fees to Qatar Holding to Develop Barclays Business in Middle East Over the Next 3 to 5 Years, Barclays Raised £11.8 Billion in Capital Including from Anchor Investor Qatar Investment Authority & Related Entities “
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Notes
- Final notices: Barclays plc and Barclays Bank plc
- FCA publishes decision notice against Barclays
- None of the current Barclays Board or senior management were involved in the events described in the Final Notices. The most recent executive leadership, with the support of the current Barclays Board, has made significant progress in implementing changes to Barclays’ systems and controls.
UK Financial Conduct Authority Fines Barclays $50 Million for Failure & Lacking Integrity to Disclose to Shareholders Material Arrangements with Qatar Entities in 2008, Paid £602 Million Advisory Fees to Qatar Holding to Develop Barclays Business in Middle East Over the Next 3 to 5 Years, Barclays Raised £11.8 Billion in Capital Including from Anchor Investor Qatar Investment Authority & Related Entities
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