Firmwatcher

Barclays Bank Plc

FRN 12270223 Sep 2022Proposed penalty · £40,000,000

Decision notice – not final. The subject can refer a decision notice to the Upper Tribunal, and the action, including any penalty, takes effect only when the FCA issues a final notice. Proposed penalties are not counted in the tracker's fine totals.

01 · In plain English

What happened.

In 2022 the FCA decided to fine Barclays a total of £50 million for failing to tell the market about side arrangements with Qatari investors during its two emergency capital raisings in June and October 2008, at the height of the financial crisis. Barclays had agreed to pay a Qatari entity £322 million under two "advisory" agreements that were really the price of the Qataris' investment, and the FCA found its conduct in the October 2008 fundraising was reckless and lacked integrity, breaching the Listing Rules that require companies to give investors accurate information. Barclays referred the decision to the Upper Tribunal, but in November 2024 it withdrew that challenge to draw a line under the 16-year-old matter; the FCA then issued final notices imposing a reduced penalty of £40 million, while noting that Barclays does not accept the findings.

Written by Firmwatcher from the FCA's notice. The FCA's own text and documents below are the authoritative record.

02 · Enforcement details

What the FCA register says.

On 23 September 2022, the FCA decided to impose a financial penalty on Barclays Bank Plc. The reason for this action is because Barclays Bank Plc failed to comply with Listing Rule 1.3.3 in October 2008. This matter has been referred by Barclays Bank Plc to the Upper Tribunal. The FCA’s findings and proposed action are therefore provisional and will not take effect pending determination of this matter by the Upper Tribunal. The FCA’s decision was issued on 23 September 2022 and a copy of the Decision Notice is displayed on the FCA's web site here:
03 · Press coverage

How it was reported.

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04 · Firm details

Firm on the FCA register.

Firm name
Barclays Bank Plc
Firm reference number
122702
Register status
Authorised for specific activities
05 · Source documents

External links.

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