Nov 26, 2024, 12:01 AM
Nov 25, 2024, 12:00 AM

Barclays retreats from legal challenge over FCA's Qatari payments ruling

Highlights
  • Barclays faced a £50 million fine from the FCA for undisclosed payments to Qatari investors during a 2008 fundraising.
  • After two years of legal challenges, Barclays chose to abandon its appeal in November 2024.
  • The decision reflects a significant change in the bank’s approach to the regulatory findings it previously contested.
Story

In the United Kingdom, Barclays has faced scrutiny regarding its conduct during a fundraising effort in 2008. The Financial Conduct Authority imposed a £50 million fine for failing to disclose £322 million in payments to Qatari investors. Barclays initially appealed this decision to defend its reputation and that of former executives involved in the case due to past failures of the Serious Fraud Office against them. However, in November 2024, the bank decided to abandon its legal challenge, citing the elapsed time since the events as a reason to 'draw a line under the issues.' This decision has led to a reduction of the fine to £40 million, marking a significant shift in the bank's stance towards the regulatory findings it previously rejected.

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