Barclays to be fined £38m by FCA
Barclays is expected to be fined a record £38m by the FCA today, it has been reported by Sky News.
The report says the regulator is expected to hand out a £38m fine for failing to ensure adequate protection for clients' funds.
The punishment relates to the bank's failure to segregate clients' assets properly and maintain adequate records - having been fined £1.1m for the same offence three years ago.
The FCA is understood to have concluded that a much more severe penalty is necessary in order to serve as a deterrent to other firms which continue to demonstrate inadequate controls over clients' assets.
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