Legal News

FCA fines Barclays £40m for 2008 disclosure failures related to Qatari arrangements

Published on: 25 November 2024
Published by LNB News

LNB News 25/11/2024

Document Information

Issue Date: 25 November 2024

Published Date: 25 November 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has fined Barclays £40m for breaching listing rules by failing to disclose fees related to advisory agreements with Qatari entities during the 2008 capital raisings. The FCA determined that Barclays acted recklessly and lacked integrity by not revealing advisory agreements' fees (amounting to £280m) which would have significantly increased the disclosed payments to Qatari entities. Barclays withdrew its Upper Tribunal referral challenging the FCA's action as set in Decision Notices published in October 2022.

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