The action was based on findings that included that Barclays’ conduct in its October 2008 capital-raising was reckless and lacked integrity.
The decision to fine the bank follows Barclays’ decision to withdraw its referral of the FCA’s planned action to the Upper Tribunal.
The FCA first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office. It was restarted following the dismissal of proceedings against Barclays and the acquittal of the other parties.
The FCA published decision notices setting out its case against Barclays in October 2022 and Barclays chose to refer the case to the Upper Tribunal, which is independent from the FCA and hears appeals against enforcement cases. The FCA had previously decided to impose a fine of £50m in total.
The FCA’s regulatory action concerned Barclays’ navigation of the events of 2008, when several banks sought emergency recapitalisation during the credit crunch. The Government (Labour) took significant stakes in several major banks, including Lloyds and RBS, to prevent a collapse of the banking system.
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The FCA said it has a primary objective to ensure market integrity and highlighted that banks should treat their obligations to the market and shareholders seriously.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Barclays’ misconduct was serious and meant investors did not have all the information they should have had. However, the events took place over 16 years ago and we recognise that Barclays is a very different organisation today, having implemented change across the business.
“It is important that listed firms provide investors with the information they need.”
A statement from Barclays confirmed it had agreed with the FCA to withdraw its references to the Upper Tribunal.
The statement said: “In view of the time elapsed since the events, Barclays wishes to draw a line under the issues referred to in the decision notices and has decided not to contest the decision notices further.
“Barclays does not accept the findings of the decision notices and this has been acknowledged by the FCA. Notwithstanding the difference of view, Barclays has concluded that the interests of the bank, its shareholders and other stakeholders are best served by withdrawing the references.
“A provision in respect of the financial penalty imposed by the FCA was taken in 2022 and there is no material financial impact on Barclays.”
