This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
BARCLAYS was hit with a record £37.7 million fine yesterday for failing to provide adequate protection for its clients’ funds.
The Financial Conduct Authority (FCA) said the bank put £16.5 billion of client assets at unnecessary risk in the event that the bank became insolvent.
It is the highest fine ever imposed by the FCA or its predecessor the FSA for client assets breaches, reflecting “significant weaknesses” in the systems and controls at the investment banking arm between 2007 and January 2012.
The regulator said Barclays had failed to apply lessons from previous enforcement actions, as well as numerous industry-wide warnings.
FCA director of enforcement Tracey McDermott said: “All firms should be clear after Lehman that there is no excuse for failing to safeguard client assets.”
Barclays said it did not profit from the issue and no customers lost out.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.