Wednesday 17 January 2018

Record €9.2m fine for Barclays

Barclays: record fine. Photo: PA
Barclays: record fine. Photo: PA

Barclays was today fined £7.7m (€9.2m)and will have to pay out up to £60m in compensation for investment advice failings.

The fine, which is the largest yet levied by the UK's Financial Services Authority for retail failings, comes after the group failed to ensure two investment funds it sold to more than 12,000 people were suitable for them.

The regulator said that despite the fact Barclays had identified potentially unsuitable sales were taking place as early as June 2008, it failed to take appropriate and timely action to rectify the situation.

Press Association

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