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