FCA fines for client money and client asset breaches
Fines for failing to protect client money and custody assets under the CASS rules. 3 actions on record, with fines totalling £39.3m.
- FinesBarclays Bank Plc · £784k fine24 February 2022 · FRN 122702
The FCA fined Barclays Bank £783,800 in February 2022 for weak oversight of its business customer Premier FX, a small payments firm for which Barclays was the sole UK banker. Premier FX collapsed in 2018 after the death of its sole director, when it emerged it had been taking deposits it was not authorised to take and had not kept client money separate, leaving 167 customers — mostly British expats in Spain and Portugal — with losses of just over £10 million. The FCA found Barclays failed to act with due skill, care and diligence: it did not check that Premier FX's real activity matched what it expected, and it missed signs that the firm's internal controls were deficient. Barclays settled early for a 30% discount and voluntarily paid £10,076,943.75 so that every customer with an accepted claim got all their money back.
- FinesBarclays Bank Plc · £37.7m fine24 September 2014 · FRN 122702
On 24 September 2014, the Financial Conduct Authority fined Barclays Bank Plc £37,745,000.
- FinesBank of Scotland plc · £750k fine5 February 2003 · FRN 169628
On 5 February 2003, the Financial Services Authority (the FCA's predecessor) fined Bank of Scotland plc £750,000.
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