Barclays hit with £47m in fines from UK and US regulators

Bank admits to system and control failings over £17bn in client assets

Barclays

The UK Financial Conduct Authority (FCA) yesterday fined Barclays £38 million ($62 million) for failing to properly protect clients' custody assets. Hours later the US Securities and Exchange Commission issued a $15 million fine against Barclays Capital Inc., the bank's US wealth management branch, for systemic compliance failures following its takeover of Lehman Brothers operations in 2008.

The FCA's ruling highlighted serious weaknesses in the systems and controls of Barclays' investment

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