The headquarters of Barclays Bank, a skyscraper in Churchill Square, Canary Wharf, London, England, Thursday, January 7, 2021.
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Britain’s financial regulator said on Monday it had imposed the fine barclays bank It was fined a total of 40 million pounds ($50.9 million) for failing to disclose certain arrangements with Qatari entities in 2008.
The FCA fine dates back to the height of the financial crisis in September 2008, when Barclays scrambled to raise funds from overseas investors, including Qatar, to avoid a state bailout.
The FCA said in 2022 that the British bank paid an undisclosed fee to Qatari funds involved in the rescue and found that Barclays acted recklessly and lacked integrity during the financing process.
The FCA fined Barclays £50 million at the time, which the bank appealed.
Barclays said in a statement on Monday that it did not accept the FCA’s findings but had withdrawn its appeal given “the amount of time that has passed since the incident”.
Barclays said the withdrawal was in the best interests of the bank, shareholders and other stakeholders, adding that the fine would not have a significant financial impact.
