01 · In plain English
What happened.
On 16 July 2025 the FCA fined Barclays Bank UK PLC £3,093,600 for failures in its account‑opening procedures for a client money account used by WealthTek, concluding the bank had inadequate risk‑management systems. The FCA said Barclays breached Principle 3 (firms must organise and control their affairs responsibly and effectively) and SYSC 6.1.1R (requirement to have effective systems and controls). Barclays also agreed to make a voluntary payment of £6,281,757 to WealthTek clients and the FCA said the bank’s extensive co‑operation and that redress were taken into account in reducing the penalty.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
A final notice has been issued in relation to Barclays Bank UK PLC because it breached Principle 3 and SYSC 6.1.1R by failing to organise and control its affairs responsibly and effectively with adequate risk management systems in respect of its account opening procedures for client money accounts.
03 · Press coverage
How it was reported.
- Credit Agricole's Caceis UK censured, pays $42 million to clients of failed wealth manager WealthTekReuters · 25 Jun 2026
- Do the right thing: Part IIFinancial Conduct Authority · 21 Oct 2025
These links go to other sites. Some may need a subscription.
04 · Firm details
Firm on the FCA register.
- Firm name
- Barclays Bank UK PLC
- Firm reference number
- 759676
- Register status
- Authorised
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