Barclays Bank has been fined £40m for failing to disclose a fund raising deal with Qatari entities in 2008 at the height of the financial crisis in that year.

The events in 2008 were of national importance as banks sought emergency recapitalisation, said the FCA.

In 2022, the regulator said Barclays’ conduct at the time was “reckless and lacked integrity.”

{loadpositon hidden2}

The FCA first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office. It was restarted following the dismissal of proceedings against Barclays and the acquittal of the other parties.

Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said: “Barclays’ misconduct was serious and meant investors did not have all the information they should have had.

“However, the events took place over 16 years ago and we recognise that Barclays is a very different organisation today, having implemented change across the business.”

The FCA imposed the fine after Barclays agreed to withdraw from referring the case to the Upper Tribunal for appeal.

A spokeswoman for Barclays said that, “in view of the time elapsed since the events, Barclays wishes to draw a line under the issues” referred to by the FCA.

She added: “Barclays does not accept the findings of the decision notices and this has been acknowledged by the FCA.

“Notwithstanding the difference of view, Barclays has concluded that the interests of the bank, its shareholders and other stakeholders are best served by withdrawing the references.”