Britain’s Financial Conduct Authority has fined Barclays over $50 million for not disclosing payments to Qatari entities. The payments were tied to a 2008 fundraising effort to avoid a state bailout during the global financial crisis. Barclays withdrew its appeal, not admitting wrongdoing but prioritizing the bank's and stakeholders’ interests due to the elapsed time since the events. The FCA previously described Barclays' conduct as reckless, citing a lack of integrity. The bank emphasized there is no material financial impact from the fine. Regulators acknowledged Barclays has since undergone significant organizational changes.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:03Britain's Financial Conduct Authority has fined Barclays 400 million for failing to disclose
00:08payments to Qatari's entities during a 2008 fundraising effort aimed to avoiding a state
00:13bailout during the global financial crisis. Barclays withdrew its appeal not admitting
00:18wrongdoing but prioritizing the bank's and stakeholders' interest due to the elapsed
00:23time since the event. The FCA previously described Barclays' conduct as reckless,
00:29citing a lack of integrity. The bank emphasized there is no material financial impact from the
00:34fine. Regulators acknowledged Barclays' actions. For all things money visit benzinga.com slash gstv