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

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.