EWJ FEB 59 2025 web - Flipbook - Page 16
Some financial commentators have pointed to the
long delay in bringing this case to a conclusion, given
the events occurred over 16 years ago. This delay
occurred because once the FCA issued its Warning
Notice in October 2013 the Serious Fraud Office
(SFO) stepped in and commenced criminal proceedings against the Bank and a number of its senior executives. That case ultimately collapsed in 2020.
Following that, PCP Capital Partners then pursued a
civil case against Barclays regarding the October capital raising, which ended in 2021. It was only then that
the FCA issued its Decision Notice setting out its case
against Barclays in October 2022. In our opinion it is
only right that the Regulator sought to stand aside and
not have concurrent cases running that may have
caused a conflict with the other criminal and civil cases.
areas of dispute resolution; acting as expert witnesses in financial litigation, mediation, arbitration
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This case highlights the enduring impact of the 2008
financial crisis on regulatory practices and the
ongoing efforts to strengthen the financial system’s
resilience. The FCA’s actions demonstrate that, even
years after the events in question, regulatory bodies
remain vigilant in addressing past misconduct to
ensure a more transparent and accountable financial
industry. All shareholders need to be treated similarly
both in terms of offering price in a fund raising and
the provision of information.
Disclaimer: The above case summary is derived from
publicly available information and is not intended to be
anything more than a statement of the author’s views
on the salient factors of the case. It is not intended and
should not be understood to be legal advice of any sort.
All views are solely those of the author and no use of
the summary should be made without statements being
checked against the source of information. Expert Evidence Limited takes no responsibility for the views expressed. The copyright of the summary is owned by
Expert Evidence Limited but may be used with written
permission which may be forthcoming on application
through the contact us page. This news item is not intended to imply or suggest that Expert Evidence Limited was involved in the case, only that it is considered
an interesting legal development.
In conclusion, the FCA’s £40 million fine against
Barclays for failing to disclose arrangements
with Qatari entities during the 2008 financial crisis underscores the critical importance of transparency and
integrity in the banking sector. This penalty serves as a
reminder to all financial institutions of the necessity to
maintain ethical standards and fully disclose pertinent
information to investors and the market, thereby
fostering trust and stability within the financial system.
Links
Link: Barclays PLC and Barclays Bank PLC v The
Financial Conduct Authority, Decision Notice of 21st
October 2022
www.fca.org.uk/news/press-releases/fca-publishes-decision-notices-barclays-plc-and-barclays-bank-plc
Mr Richard Hall
Business Leadership, Business Derivatives,Valuations, Markets and ADR Expert
CFA, MRICS, MCIArb, IMI, CMC
Dispute Bench provide Alternative Dispute Resolution,Valuation and Investigation, Expert
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Link: Barclays PLC v The Financial Conduct
Authority, Final Notice of 25th November 2024
www.fca.org.uk/publication/final-notices/barclays-plc2024.pdf
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Footnotes
Footnote 1: In 2022 the FCA had imposed a fine of
£40m on Barclays PLC and £10m on Barclays Bank
PLC, a total of £50m. The Final Decision Notice of
25th November 2024, reduced the Barclays PLC fine
to £30m, but maintained the Barclays Bank PLC fine
of £10m, making a total of £40m.
also a Registered Valuer.
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Compulsory purchase
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