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Release Date: 28th February 2022

To access the original FCA document, click here.

Summary

Barclays Bank Plc was fined £783,800 by the Financial Conduct Authority (FCA) on 24 February 2022 for failing to properly oversee and monitor its business relationship with Premier FX. This fine was reduced from £1,119,767 due to an early settlement agreement. Additionally, Barclays agreed to make an ex gratia payment of £10,076,943.75 to be distributed among Premier FX’s customers. The FCA found that Barclays did not conduct its business with due skill, care, and diligence, breaching Principle 2.

Key Takeaways for Other Firms:

Summary of Findings:

In conclusion, the FCA’s action against Barclays underscores the necessity for banks to maintain rigorous oversight and monitoring of high-risk clients, ensuring their activities align with regulatory standards and internal expectations. Firms must implement thorough and timely due diligence processes to prevent financial crime and protect consumer interests.

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