Barclays fined £7.7 million by UK regulator for mis-selling funds

UK regulator fines Barclays Bank £7.7m for mis-selling funds

barclays-i

Barclays Bank has been hit with a record £7.7 million fine by the UK Financial Services Authority (FSA) for misselling retail products. The fine is the largest ever handed about by the FSA for retail failings.

The regulator says the UK bank’s process for selling its balanced and cautious funds to more than 12,000 customers from July 2006 to November 2008 had “a number of serious failings”.

The FSA claims the bank failed to ensure the funds suited customers’ needs, specifically their financial

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: