The FCA has published the final notices against Barclays plc and Barclays Bank plc in relation to the bank’s failure to disclose certain arrangements with Qatari entities in 2008. The FCA had decided to impose a fine of £50m and the bank had planned to refer the case to the Upper Tribunal. It has now withdrawn the reference, and the FCA has finalised a total fine of £40m. It welcomed the withdrawal of the reference and noted that, while the misconduct was serious, the events took place over 16 years ago in the context of large and complex capital raising under considerable market pressure, and that the Barclays of today is a very different organisation.
