Barclays hit with £38m FCA fine

The punishment relates to the bank's failure to segregate clients' asset properly and maintain adequate records in its investment banking division over a five-year period between 2007 and 2012. It is the second time Barclays has been fined for such an offence after a £1.1m penalty three years ago. Barclays was found to have breached the regulator's Client Asset Rules Principles 3 and 10 in relation to 95 custody accounts in 21 countries. As a result, Barclays' records did not correctly reflect which company within its investment banking division was responsible for the assets in th...