Barclays fined £40 million for reckless fundraising practices
- Barclays raised £11.8 billion through two share sales to foreign investors in 2008 to avoid a taxpayer bailout.
- The FCA found that Barclays’ conduct during the fundraising was reckless and lacked integrity.
- The £40 million fine signifies the conclusion of a lengthy investigation and legal battle over Barclays' practices.
In the United Kingdom, Barclays was fined £40 million by the Financial Conduct Authority (FCA) due to its conduct surrounding fundraising from Qatar in 2008. The investigation found that Barclays raised £11.8 billion from foreign investors to avoid a government bailout during the financial crisis while failing to disclose important details about advisory fees paid to Qatari firms. Originally, the FCA fined Barclays £50 million in 2022, but after the bank appealed, the fine was reduced. The final decision ended a lengthy legal battle regarding Barclays' integrity during this significant financial period. Despite the sanction, Barclays does not accept the FCA's findings and maintains that its financial position will not be adversely affected.