UK:
Barclays Bank Plc Fined For Client Asset Failures
20 October 2014
Shearman & Sterling LLP
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On September 23, 2014, the UK FCA announced that it had fined
Barclays Bank Plc £37,745,000 for breach of the FCA's
Client Asset Rules as well as the requirements that a firm should
have adequate management, systems and controls in place and should
properly safeguard a client's assets. The fine is the largest
fine imposed by the FCA (or its predecessor, the Financial Services
Authority) for a breach of the Client Asset Rules.
The announcement is available at: http://www.fca.org.uk/news/barclays-fined-38-million-for-putting-16-5-billion-of-client-assets-at-risk.
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