01 · In plain English
What happened.
On 19 August 2009 the Financial Services Authority (FSA) fined Barclays Bank plc and Barclays Capital Securities Limited £2,450,000 (reduced from £3,500,000 for early settlement) for breaches occurring between 1 October 2006 and 31 October 2008. The FSA found Barclays failed to submit accurate transaction reports (SUP 17) in relation to an estimated 57.5 million transactions. The regulator also concluded Barclays breached Principle 2 (to conduct business with due skill, care and diligence — here, by not sufficiently reviewing its transaction‑reporting systems) and Principle 3 (to take reasonable care to organise and control its affairs, including adequate risk management systems, to meet reporting requirements).
Summarised from the FSA's notice and press reports. The official text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
On 19 August 2009, the FSA imposed a penalty on Barclays Bank plc and Barclays Capital Securities Limited (Barclays) of £2,450,000 (discounted from £3,500,000 for early settlement) in respect of breaches of SUP 17 of the FSA Handbook and breaches of Principles 2 and 3 of the FSA's Principles for Businesses which occurred between 1 October 2006 and 31 October 2008. The breach of SUP 17 related to Barclays failure to submit accurate transaction reports as required in respect of an estimated 57.5 million transactions. Barclays breached Principle 2 by failing to conduct its business with due skill, care and diligence in failing to respond sufficiently to opportunities to review the adequacy of its transaction reporting systems. Barclays breached Principle 3 by failing to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems, to meet the requirements to submit accurate transaction reports to the FSA
03 · Firm details
Firm on the FCA register.
- Firm name
- Barclays Bank Plc
- Firm reference number
- 122702
- Register status
- Authorised for specific activities
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