The FCA has fined Barclays Bank Plc £37,745,000 for failing to adequately protect its clients’ custody assets.

The FCA found that weaknesses in Barclays’ procedures and internal controls meant customers could have risked incurring extra costs, faced long delays or losing their assets if the bank had become insolvent.

The fine relates to 95 custody accounts opened by Barclays’ investment banking division between November 2007 and January 2012. The FCA held that Barclays contravened Principle 3 and Principle 10 of the FCA’s Principles for Businesses, and associated rules in the Client Assets sourcebook. Barclays settled with the FCA at an early stage leading to a 30% discount in the fine.

A copy of the final notice:  http://bit.ly/1rnkamg

and press release:  http://bit.ly/1ofBuEZ